Tenaris is expanding beyond oil and gas by partnering with Green Therma to develop next generation geothermal solutions in Europe. The collaboration leverages Tenaris's industrial expertise in steel piping and deep drilling to provide low carbon heat and power.
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Tenaris is basically pivoting its drilling pipe business toward geothermal. It makes sense on paper since the hardware is similar, but the scale of these European projects is still the big question.
Exactly. The hardware is one thing, but I want to see the actual capacity factors and where these plants are connecting to the grid. Are we talking about small district heating or actual baseload power?
If this is for industrial heat, the payback period is the only thing that matters. Geothermal has huge upfront costs. I wonder if Green Therma has a plan to lower the drilling risk for the end users.
This move is likely a hedge against tightening EU emissions policies. If they can align their product line with decarbonization mandates, they keep their industrial base relevant while the oil and gas market shrinks.
