Home Top News and Stories Business News Headlines PHX Energy Services Corp. Announces Strategic Investment in Geothermal Power Developer DEEP Earth Energy Production Corp.

PHX Energy Services Corp. Announces Strategic Investment in Geothermal Power Developer DEEP Earth Energy Production Corp.

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PHX Energy Services Corp. Announces Strategic Investment in Geothermal Power Developer DEEP Earth Energy Production Corp.

CALGARY, Alberta, July 20, 2021 (GLOBE NEWSWIRE) — PHX Energy Services Corp. (“PHX Energy” or the “Corporation“) (TSX: PHX) is pleased to announce it has made a strategic investment in geothermal power developer, DEEP Earth Energy Production Corp. (“DEEP”). DEEP is currently developing a geothermal power facility in southern Saskatchewan (the “DEEP Geothermal Project”) which stands to become the first major geothermal power facility in Canada. In addition to participating in DEEP’s latest financing round, John Hooks, CEO of PHX Energy, is expected to join DEEP’s Board of Directors. PHX Energy’s investment in DEEP is $3 million with a provision for another $3.5 million of equity upon the potential exercise of warrants held by PHX Energy. Read More