Subterra Renewables expands into Western Canada and U.S. following affiliate acquisition of Alberta's Earth Drilling Co. to meet North American geothermal demands

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Oct 27, 2023, 09:53 ET

Subterra's group of companies also acquires Nevada-based Harris Exploration as part of transaction for best-in-class services and state-of-the-art drilling rigs
Acquisition outlines intent to expand coast-to-coast geothermal drilling capabilities, systems equipment and talent to meet renewable energy growth with vertically integrated operations
Subterra President Matthew Tokarik leads west-coast operations with launch of Calgary office

TORONTO, Oct. 27, 2023 /PRNewswire/ - Subterra Renewables ("Subterra" or the "Company"), North America's leading geothermal energy utility provider, is pleased to announce its expansion into Western Canada and the United States following its affiliated companies' recent acquisition of privately held, Alberta-based Earth Drilling Co. Ltd. ("Earth Drilling"). As one of the west coast's leading drilling suppliers, the transaction includes the acquisition of Nevada-based Harris Exploration ("Harris") - a trusted source for drilling and installation services in Nevada, California, and Arizona.

Earth Drilling and Harris are now part of Subterra's group of companies that provides coast-to-coast access to geothermal drilling for geo-exchange system installations.

Subterra also confirmed the launch of its Calgary, Alberta office headed up by Matthew Tokarik, President of Subterra Renewables: "We are thrilled to officially welcome our valued colleagues from Earth Drilling and Harris Explorations to our growing network of experienced talent as we scale up our operations and ramp-up assets to meet the rapidly growing demand for community developments powered by renewable energy. Aligning ourselves with seasoned leaders that bring a combined 115 years of geo-drilling and exploration experience across North America provides us with immediate access to best-in-class services as we build out our coast-to-coast business. An opportune time as electrification and renewables take their place in a Net-Zero world."

"We are excited and proud to be combining our visionary teams and resources as we diversify our geo-drilling operational opportunities to support a rapidly growing renewables industry under the Subterra group of companies," said John Paul Wegleitner, CEO of Earth Drilling. "Alongside our colleagues at Harris, we are embarking on a pivotal cultural transformation rooted in sound experience, innovative leadership and the shared ethos of a skilled and agile talent pool."

"This is a strategic move to ensure our renewable energy sector's supply chain is adequately equipped with nation-wide access to expeditious and precision-tested talent and services," said Kareem Mirza, Chief Revenue Officer, Subterra Renewables. "We are establishing ourselves as a vertically integrated geothermal utility provider whose reach spans across North America – best suited to meet the fast-growing renewable energy movement as district communities transition to electrification, powered by geothermal exchange systems."

According to a recent fact-sheet issued by the Pembina Institute, a national think-tank that advocates for strong policies to support Canada's clean energy transition, it is estimated that more than C$5.0 billion worth of renewable energy investment has flowed into Alberta since 2019. Additionally, Climate Power US is reporting that over US$4.15 billion worth of investments into new clean energy projects has flowed into the state of Arizona throughout 2023. This makes both Alberta and Arizona optimal bases for centralizing Subterra's west-coast drilling fleets.

Earth Drilling brings close to 50 years of experience in geotechnical and environmental drilling, and Harris Exploration brings over 67 years of industry leadership. Together with Subterra's subsidiaries, they have amassed the continent's largest geothermal drilling fleet with 68 rigs and plans to expand the fleet to over 100 in the next 12 months. The Company rigs are easily transported to work sites in the Canada and the U.S. from their east and west coast bases.

About Subterra Renewables

Subterra Renewables is a geothermal exchange utility company with the largest drilling fleet in North America, operating the most energy-efficient and resilient heating and cooling technology in the world. Most recently placing No. 1 in the Globe and Mail's 2023 Report on Business ranking of Canada's Top Growing Companies, Subterra is a fully vertically integrated company that custom engineers, installs, owns and operates first-of-its-kind geothermal exchange systems. As a leader in the sustainability and decarbonization movement, its best practices align with government ESG initiatives, expediting building approvals, and accelerates a path to Net Zero. Available under Subterra's energy as a service utility model, Aura^™, the company serves all North America.

For more information visit: www.subterrarenewables.com

SOURCE Subterra Renewables