GreenFire Energy Inc. and PT Armada Energi Solusi (Armada), an energy technology and services company, today announced that it has entered in an agreement where Armada will act as GreenFire Energy’s local channel partner in Indonesia. Armada will secure and service businesses in Indonesia on behalf of GreenFire Energy.
Indonesia has the second largest geothermal power generation capacity in the world with 2,356 MW and is rapidly moving to add 3.3 GW of geothermal installed capacity by 2030, which requires adding about 400 MW annually. Energy and oil and gas companies are actively investing in geothermal projects and searching for technologies to accelerate the production of geothermal power.
Armada has extensive energy experience in developing geothermal and oil and gas projects. Iwan Chandra, president director, has experience with national energy companies, multinational companies, and government agencies, which enable Armada to navigate the landscape of players and policies needed to expedite geothermal projects in Indonesia.
“Armada partners with companies for the most innovative technologies and services to accelerate and fast track geothermal projects in Indonesia. Customers are demanding GreenFire Energy’s closed-loop technology because it develops projects quickly and delivers strong economics for both geothermal and oil and gas fields,” said Iwan Chandra, president director, PT Armada Energi Solusi.
“GreenFire’s GreenLoop™ closed-loop geothermal technology has tremendous potential to harness energy from Indonesia’s rich geothermal resources. Our GreenLoop systems for steam-dominated and two-phase resources enable power to be generated without water loss, which assures the long-term sustainability of the geothermal resource. Armada has the experience and deep relationships in Indonesia to identify opportunities and develop geothermal projects,” said Joseph Scherer, CEO of GreenFire Energy Inc.
GreenFire Energy had previously entered a similar agreement with Taiteck Co. Ltd., which has provided the company with representation in Taiwan. Very recently, GreenFire Energy, together with Taiteck, signed an MOU with Taiwan Power Company for the joint development of geothermal projects in Taiwan.
