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2023 Milestones and 2024 Update


Subterra Renewables Confirms Breakthrough Performance for 2023 and Provides 2024 Guidance as Geothermal Energy Expands into Key North American Markets

  • Company completes a transformational year achieving 386% increase in revenue over previous year with its geothermal offerings in new real estate asset classes
  • Caps off fourth year of consecutive growth as clean energy demands increase
  • Targeting 40% growth in 2024 with expansion into markets in Eastern/Western Canada, Washington D.C., New York, Illinois, Michigan, Massachusetts, and Colorado

Toronto, Ontario, January [24], 2024 – Subterra Renewables (“Subterra” or the “Company”), North America’s leading geothermal energy utility provider, announced today that it completed its fourth year of consecutive growth following a breakthrough year of performance in 2023 with a 386% increase in revenue over the previous year. The Company also projects further growth in 2024 with the ramp-up of its drilling operations and business transformation resulting from the acquisition of Earth Drilling and its foray into commercial, institutional, and industrial real estate asset classes.

“We closed out 2023 on a very encouraging note as the clean energy move to geothermal increased across North America, driven by reduced costs and policy support - particularly in the U.S. - the biggest market for geothermal energy transitions,” said Lucie Andlauer, CEO. “With North America leading the world’s shift from conventional heating and cooling systems to renewables, we are projecting a further 40% growth in revenues this year. Equipped with the largest geo-drilling fleet positioned across the continent, our operations are fully scaled, making us opportunistic and agile in our response to this demand increase.”

“Looking ahead to 2024, we are fully capitalized and ready to support the rapid growth in the geothermal renewables market with Eastern/Western Canada, and Washington D.C., New York, Illinois, Michigan, Massachusetts and Colorado projected to be the leading regions and states for growth,” said Kareem Mirza, Chief Revenue Officer. “The projected revenue increase is expected to be driven by the decarbonization and electrification movement as geothermal-exchange systems are deployed into commercial, institutional, and industrial real estate asset classes.

Subterra and its affiliates recently increased its state-of-the-art drilling fleet to 70 rigs, amassing the largest geo-drilling fleet in North America with mobile, coast-to-coast access. According to the International Energy Agency (IEA), 45% of the electricity generated in the U.S. in 2030 is projected to come from clean energy renewables. Additionally, as noted by the IEA, drawing talent and experience from the oil and gas industry could see emerging technologies that will help drive cost reductions and boost economies of scale in geothermal drilling and installations. It further estimates that the deployment of heat pumps used in geo-exchange systems to more than triple by 2030. Subterra is ideally positioned to support transitioning away from fossil-fuel powered heating and cooling systems.

With the North American building sector contributing to over 70% of energy-related carbon emissions in urban centers, the U.S. Department of Energy (DOE) continues to enact 2024 policies which include, tax breaks, decarbonization and carbon emission reduction goals to encourage the transition to renewable clean energy. A recent analysis conducted by the DOE estimates that ground-source heat pumps reduce energy consumption and emissions by up to 72 percent compared to standard heating and air-conditioning equipment.

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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

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For media inquiries, please contact

Marianella delaBarrera
SVP, Marketing & Communications
Subterra Renewables

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