Bentley Systems’ (Nasdaq: BSY) subsurface specialist subsidiary Seequent has signed an agreement to acquire Flow State Solutions
The strategic acquisition of the geothermal simulation software is aimed at further solidifying Seequent’s position as a leading provider of subsurface software for the geothermal industry.
Flow State Solutions’ geothermal reservoir, wellbore, and surface network simulation software helps project developers and operators better understand geothermal resources for asset development and optimisation and improved well performance.
Bentley says that by combining Flow State Solutions’ Volsung portfolio with Seequent’s capabilities creates the most robust end-to-end solution for reservoir analysis available. Detailed models of the subsurface built in Leapfrog Energy can be utilised in Flow State Solutions’ simulation environment to build a full picture of a geothermal asset.
Seequent CEO, Graham Grant, said geothermal has the potential to help solve the world’s biggest energy challenges.
“With this acquisition, Seequent’s best-in-class subsurface analysis software enables a full understanding of geothermal asset performance.”
A number of geothermal industry leaders are already utilising both solutions to better understand their resources.
Geothermal power is electrical power generated from geothermal energy. It can be used by dry steam power stations, flash steam power stations and binary cycle power stations. Geothermal electricity generation is currently used in 26 countries, while geothermal heating is in use in 70 countries.
The global geothermal energy market size was valued at US$59.4 billion in 2021 and reached a valuation of US$62.65 billion in 2022. The market is expected to reach US$95.82 billion by 2029 with a CAGR of 6.3% during the forecast period.
