XGS Energy and Baker Hughes Announce Strategic Collaboration to Advance Geothermal Development in New Mexico

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HOUSTON--(BUSINESS WIRE)--Mar 25, 2026--

XGS Energy (“XGS”), a developer of next-generation geothermal power systems, and Baker Hughes, an energy technology company, today announced a strategic collaboration and initial order for Baker Hughes engineering services to advance XGS’s planned 150-megawatt geothermal project in New Mexico. The project, once developed, will support the delivery of clean, round-the-clock power to the Public Service Company of New Mexico’s (PNM) grid in support of Meta’s data center operations in the state.

The collaboration brings together Baker Hughes’ ground-to-grid geothermal portfolio – integrating subsurface engineering and well construction with integrated power solutions and infrastructure project execution – with XGS’s water and geology-independent geothermal system. The companies will initially partner on the exploration and engineering phases of the New Mexico project to derisk operations and establish a strong technical foundation for the utility-scale deployment of XGS’s geothermal technology. This builds on XGS’s successful commercial-scale demonstration in California in 2025 and underscores XGS’s focus on assembling a full industrial execution ecosystem for its multi-gigawatt pipeline across the western United States.

“With this single project for Meta in New Mexico, XGS will increase the state’s operating geothermal capacity by tenfold,” said Ghazal Izadi, XGS’s Chief Operating Officer. “By aligning our technology with Baker Hughes’s expertise across subsurface, surface, and power solutions – and one of the most capable project delivery teams in the world – we’re demonstrating that XGS has the execution muscle and industrial collaborations required to deliver at scale for our customers.”

“Geothermal energy plays a vital role in delivering reliable, cleaner power at scale,” said Baker Hughes Chief Growth and Experience Officer and interim Executive Vice President of Industrial & Energy Technology Maria Claudia Borras. By collaborating with XGS at this early stage, we are applying our ground‑to‑grid capabilities to reduce technical risk, accelerate reservoir validation, and engineer an integrated solution to deliver first power efficiently and reliably.”

“The difference between a great idea and a great asset is the quality of execution in the field,” said Martin Craighead, Board Director at XGS Energy. “This agreement reflects XGS’s priority to surround its innovation with executors that have decades of experience delivering complex energy infrastructure at industrial scale – from lowering the cost per foot of a wellbore and improving well construction efficiency to delivering power solutions and grid-ready assets. It’s exactly the kind of collaboration you need to turn next-generation geothermal from a promise into gigawatts of clean, reliable power.”

About XGS Energy

XGS Energy provides Clean, Round-the-Clock Energy Everywhere, Forever. XGS's proprietary solid-state geothermal system uses thermally conductive materials to deliver affordable energy anywhere there is hot rock. The XGS system decouples geothermal energy production from its historical dependence on natural water resources and geological conditions, unlocking low-risk power project development, geographic flexibility, easier permitting, and faster deployment. XGS’s scalable, financeable geothermal energy approach is supported by leading investors globally including Anzu Partners, Aligned Climate Capital, BlueScopeX, B Current Impact Investment, ClearSky, ClimateIC, Constellation Technology Ventures, H&P, MIH Capital, Thin Line Capital, Valo Ventures, VoLo Earth Ventures, and WovenEarth Ventures. Learn more and explore our open roles at https://www.xgsenergy.com.

About Baker Hughes

Baker Hughes is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20260324143998/en/

CONTACT: Media ContactsXGS Energy

Reagan Costa

[email protected]

www.xgsenergy.comBaker Hughes

Melanie Kania

832-727-5195

[email protected]

KEYWORD: TEXAS NEW MEXICO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER ENERGY UTILITIES ENVIRONMENT ALTERNATIVE ENERGY ENERGY ENGINEERING GREEN TECHNOLOGY MANUFACTURING

SOURCE: XGS Energy

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PUB: 03/25/2026 08:02 AM/DISC: 03/25/2026 08:02 AM

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