Margün Enerji’s USD 150 Million Acquisition of Hez Enerji Signals a New Geothermal Consolidation Wave in Türkiye The global renewable energy sector is undergoing a rapid phase of consolidation, with strategic acquisitions reshaping ownership structures, accelerating capacity expansion, and strengthening long-term energy security. One of the latest and most significant moves comes from Türkiye, where Margün Enerji Üretim Sanayi ve Ticaret A.Ş. has agreed to acquire geothermal company Hez Enerji İnşaat San. ve Tic. A.Ş. in a deal valued at approximately USD 150 million . The transaction, which includes an operational geothermal power plant and additional resource licenses, underscores the aggressive expansion strategy of Margün Enerji in the geothermal space. This acquisition is not just a financial transaction—it represents a broader strategic pivot in Türkiye’s renewable energy landscape, where geothermal energy is increasingly becoming a core pillar of baseload clean power generati...
Unleashing Geothermal Power: How the STEAM Act Could Transform U.S. Energy
The United States stands at a critical juncture in its energy history. While solar and wind power have seen remarkable growth over the past two decades, geothermal energy—an often-overlooked, 24/7 source of clean and reliable power—has yet to reach its full potential. That may soon change with the introduction of the Streamlining Thermal Energy through Advanced Mechanisms (STEAM) Act, a bipartisan bill introduced by Congresswomen Susie Lee (NV-03) and Celeste Maloy (UT-02) in the House of Representatives, with companion legislation in the Senate sponsored by Senators Catherine Cortez Masto (D-NV) and Lisa Murkowski (R-AK).
This legislation aims to level the playing field for geothermal energy by cutting through bureaucratic red tape and giving geothermal developers similar rights and flexibility that the oil and gas industry has enjoyed for nearly two decades. For advocates of clean energy, the STEAM Act is more than just a policy proposal—it represents a strategic pivot toward a future powered by domestic, carbon-free, and reliable energy.
The Need for Geothermal Energy Reform
Geothermal energy has long been considered a cornerstone of a carbon-free future. Unlike solar or wind, which depend on weather patterns, geothermal provides continuous baseload power, capable of delivering energy 24 hours a day, 7 days a week. It is also highly scalable, from small distributed projects to large utility-scale power plants.
Despite its potential, geothermal development in the U.S. has been constrained by regulatory and bureaucratic hurdles. Permitting processes for geothermal projects are often slow, expensive, and unpredictable, particularly on federal lands. This creates a stark contrast to oil and gas development, where established regulations allow projects to proceed more smoothly, enabling operators to plan and finance projects with greater certainty.
Nevada and Utah, states with some of the nation’s most abundant geothermal resources, illustrate the challenge perfectly. Nevada, already the second-largest geothermal producer in the U.S., hosts the country’s first enhanced geothermal system (EGS), Project Red, a partnership between Google and Fervo Energy. Despite this breakthrough, further expansion has been limited by red tape and permitting delays. Similarly, Utah’s geothermal fields hold massive untapped potential, yet developers face similar regulatory hurdles.
What the STEAM Act Proposes
The STEAM Act aims to remove these barriers and accelerate geothermal development nationwide. At its core, the bill proposes:
Permitting Parity with Oil and Gas: Geothermal projects will be allowed to explore and develop on previously disturbed or studied public lands using similar standards as oil and gas operations. This will streamline permitting and reduce uncertainty.
Increased Investment Certainty: By clarifying regulatory requirements and reducing bureaucratic delays, developers and investors can move forward with confidence, making financing large-scale geothermal projects more feasible.
Promotion of Next-Generation Geothermal Technologies: Enhanced geothermal systems (EGS), which can extract heat from deep underground where natural geothermal reservoirs may not exist, will benefit from faster approvals and expanded development areas.
Job Creation and Economic Growth: The bill is expected to create thousands of high-paying jobs in construction, drilling, engineering, and operations, particularly in rural and underserved areas where geothermal resources are abundant.
Energy Independence and Security: By harnessing domestic geothermal resources, the U.S. can reduce reliance on imported fossil fuels and bolster energy security while cutting carbon emissions.
By applying lessons learned from decades of oil and gas development, the STEAM Act seeks to give geothermal energy the regulatory clarity it needs to flourish.
Key Stakeholders and Industry Support
The STEAM Act has received strong endorsements from major players in the geothermal and clean energy sectors.
ClearPath Action, led by CEO Jeremy Harrell, emphasizes that the legislation helps achieve parity for geothermal power, enabling it to play a vital role in the nation’s energy mix while supporting economic and environmental goals.
Eavor Technologies, a leader in closed-loop geothermal systems, praised the bill for allowing exploration to move forward efficiently and responsibly, unlocking the potential for a proven and reliable clean energy solution.
Fervo Energy sees the bill as a game-changer for financing and drilling operations. Ben Serrurier, Senior Manager of Government Affairs & Policy at Fervo, noted that the permitting improvements have been tested over two decades in oil and gas, and applying them to geothermal will accelerate project deployment and reduce costs.
Geothermal Rising, an industry association, highlighted the STEAM Act as a critical legislative step that supports development, deployment, and innovation of geothermal technologies across the U.S.
Institute for Progress (IFP) also endorsed the act, stressing that it provides the streamlined process needed to unleash geothermal’s potential as a reliable domestic energy source.
With this coalition of industry experts, investors, and advocacy groups, the STEAM Act is poised to be a transformative piece of legislation.
One of the most compelling examples of geothermal’s potential is Project Red, located in Nevada. This enhanced geothermal system is a collaboration between Google and Fervo Energy, and it demonstrates how next-generation geothermal can deliver clean, reliable, and scalable energy.
Unlike traditional geothermal plants that rely on naturally occurring hydrothermal reservoirs, Project Red uses advanced drilling techniques and heat extraction technologies to access heat from deep underground. The energy produced powers Google Cloud operations in Las Vegas and supports multiple data centers across the state.
The U.S. Department of Energy estimates that EGS technology, like that employed at Project Red, could provide enough energy to power more than 65 million homes across the country. However, expanding such projects nationwide has been slowed by complex permitting processes—a problem the STEAM Act directly addresses.
Why Geothermal Matters
Geothermal energy is more than just another clean energy source; it is a strategic tool in the fight against climate change and energy insecurity. Here’s why:
Reliable Baseline Power: Unlike intermittent renewables like wind and solar, geothermal delivers continuous power, making it ideal for grid stability.
Carbon-Free Energy: Geothermal has minimal greenhouse gas emissions, contributing significantly to U.S. climate goals.
Local Economic Development: Geothermal projects can provide jobs in construction, engineering, operations, and maintenance, often in rural areas where employment opportunities are limited.
Energy Independence: By tapping domestic geothermal resources, the U.S. reduces reliance on foreign energy imports, strengthening national security.
Technology Innovation: EGS and other advanced geothermal methods open the door to a new generation of clean energy solutions that could revolutionize global energy systems.
Bipartisan Support and the Path Forward
The STEAM Act has been introduced with strong bipartisan support. Congresswomen Susie Lee and Celeste Maloy emphasized the economic and environmental benefits of geothermal energy in their districts, while Senators Cortez Masto and Murkowski highlighted the national potential of the legislation.
Nevada, as the second-largest geothermal producer in the U.S., already shows the transformative power of geothermal when bureaucracy is minimized. Utah, with its untapped geothermal fields, represents another frontier. By aligning permitting standards with those used in oil and gas, the bill encourages private-sector investment and accelerates the development of geothermal resources nationwide.
Challenges Ahead
While the STEAM Act is a significant step forward, challenges remain:
Public Awareness: Geothermal energy is still relatively unknown compared to solar and wind. Greater public and policy education is needed to highlight its benefits.
Technological Risks: While EGS has tremendous potential, drilling and subsurface engineering come with inherent risks that must be managed carefully.
Financing: Even with streamlined permitting, geothermal projects require substantial upfront capital. Supportive financial instruments and incentives will be key to unlocking large-scale development.
Environmental Considerations: Geothermal drilling must be conducted responsibly to avoid local environmental impacts, including water usage and seismic activity concerns.
The Bigger Picture: Geothermal’s Role in U.S. Energy
The introduction of the STEAM Act reflects a broader shift in U.S. energy policy—one that increasingly prioritizes clean, domestic, and reliable energy sources. Geothermal, with its unique ability to provide continuous baseload power, fits perfectly into a diversified energy portfolio that also includes solar, wind, nuclear, and energy storage solutions.
By enabling faster development, creating jobs, and reducing emissions, geothermal energy can play a pivotal role in achieving U.S. climate and energy goals. The STEAM Act is an essential legislative tool to unlock this potential, ensuring that American geothermal energy is no longer constrained by outdated policies and red tape.
Conclusion: A New Era for Geothermal
The STEAM Act represents a historic opportunity for U.S. geothermal energy. By granting permitting parity with oil and gas, providing regulatory clarity, and supporting next-generation technologies, this bipartisan bill could transform the landscape of domestic energy production.
For Nevada, Utah, and beyond, the act promises more than just energy—it promises economic growth, job creation, and a cleaner, more secure energy future. With strong backing from key industry players such as ClearPath Action, Eavor Technologies, Fervo Energy, Geothermal Rising, and IFP, the STEAM Act is positioned to catalyze the next chapter in America’s renewable energy story.
As the U.S. faces mounting energy challenges and climate imperatives, geothermal energy—long overlooked—could finally rise to the forefront, powered by policy, innovation, and a commitment to a sustainable future.
The question now is not whether geothermal can deliver, but whether America is ready to unleash its full potential. With the STEAM Act, that future is within reach.
Source:Representative Susielee
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