What's Going On With Baker Hughes Stock Today?

Baker Hughes Company BKR shares are trading slightly higher on Wednesday.

The company said today that it has been selected by the U.S. Air Force and the Department of Defense’s Chief Digital and Artificial Intelligence Office to explore opportunities in geothermal energy development.

Baker Hughes has achieved “Awardable” status, enabling it to develop utility-scale geothermal power plants to supply U.S. military bases with reliable, cost-effective electricity, even during grid outages.

This initiative is part of the U.S. military’s effort to secure resilient energy sources and enhance national security.

“The ability of geothermal to provide reliable, secure baseload power makes it an ideal addition to America’s energy mix,” said Ajit Menon, vice president of Geothermal, Oilfield Services & Equipment at Baker Hughes. 

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“Baker Hughes has been a pioneer in this field for more than 40 years and our unique subsurface-to-surface expertise and advanced technology across the geothermal value chain will help the U.S. military unlock this critical domestic energy source, while simultaneously driving economic growth and energy independence,” Menon added.

The selection of Baker Hughes came through the CDAO’s Tradewinds Solutions Marketplace, which aims to accelerate the adoption of mission-critical technologies like artificial intelligence, machine learning, and resilient energy solutions.

“The U.S. Air Force leveraged the Tradewinds solicitation process to quickly collaborate with innovative American companies to build resilient, next-generation geothermal technologies at our bases, using private capital instead of taxpayer dollars,” said Kirk Philips, director of Air Force Office of Energy Assurance.

Price Action: BKR shares are trading higher by 1.65% to $42.54 at last check Wednesday.

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