RESPEC Company, LLC Expands Geothermal Capabilities With the Acquisition of Geothermal Resource Group, Inc.

Dr. Matt Minnick, RESPEC’s Geothermal Energy Group Manager, announced the acquisition of Geothermal Resource Group, Inc. (GRG), an established leader in geothermal exploration and drilling management. Effective August 31, 2024, this acquisition enhances RESPEC’s geothermal expertise with GRG’s extensive track record of more than 30 years, broadening RESPEC’s capabilities to deliver end-to-end geothermal energy solutions worldwide.

Minnick sees this acquisition as a step toward accelerating RESPEC’s mission to lead in geothermal development: “Adding GRG’s subsurface expertise to RESPEC’s engineering, geomechanics, and project management expertise allows us to provide a full-service solution to sustainably meet growing global energy demands.”

GRG has managed geothermal projects of all sizes across 18 countries and 87 geothermal fields, offering a comprehensive approach to geothermal development. The GRG team has tackled complex challenges by combining innovative drilling techniques with knowledge of the realities of geothermal wellfield development. The idea behind ‘Resource Group’ was to provide solutions that reflected clients’ long term goals, which involves capturing a comprehensive picture of the resource capability, drilling, and ultimate operational life of wells. “GRG’s approach to geothermal drilling has always focused on creating cost-effective, high-performance solutions to address geothermal’s unique challenges,” stated GRG Owner and Principal Engineer Bill Rickard. “With RESPEC, we can now extend this expertise through an organization with robust project management infrastructure and diverse personnel for supporting geothermal projects at any stage from a drilling and reservoir perspective.”

This acquisition positions RESPEC to handle the entire life cycle of geothermal projects, from conceptual modeling and exploration targeting to well drilling, testing, reservoir modeling and engineering, power plant startup, and wellfield management. The new alignment offers expanded services for developers, utility companies, and governmental agencies worldwide.

One standout advantage of this new team is access to recent advancements in drilling technology. GRG’s past pioneering work with polycrystalline diamond compact (PDC) bits in hard rock geothermal drilling has proven cost-saving. “The increased penetration rate from these bits reduces drilling costs by about 30% and power plant costs by around 15%, making geothermal energy more competitive,” Rickard noted. With RESPEC’s support, these innovations will make geothermal a more viable 24/7 renewable energy source.

As an employee stock ownership plan (ESOP) company, RESPEC’s collaborative culture supports GRG’s goals of knowledge transfer and legacy-building in geothermal engineering. This acquisition positions RESPEC to advance innovation in geothermal energy, empowering clients with reliable, efficient solutions tailored for long-term success.