PT Pertamina Geothermal Energy Tbk (IDX: PGEO) has recently made significant strides in its operations and strategic partnerships, reflecting its commitment to advancing geothermal energy and supporting Indonesia's clean energy transition.Pertamina Geothermal Energy+10Mubadala Energy+10en-th.ecolab.com+10
🔍 Strategic Developments
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Sinopec Partnership: In February 2025, PGEO entered into a strategic partnership with Sinopec Star, a subsidiary of China Petrochemical Corporation. This collaboration aims to advance geothermal development for power generation, green hydrogen production, and direct-use applications across Indonesia, China, and other global markets. The partnership facilitates the exchange of technical expertise and operational insights to enhance geothermal engineering and technology advancements .Think GeoEnergy - Geothermal Energy News+1Pertamina Geothermal Energy+1
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Green Fuel Initiatives with Pertagas: PGEO has signed a joint study agreement with PT Pertamina Gas (Pertagas) to assess the technical and economic feasibility of producing green hydrogen and green ammonia using geothermal power. This initiative is part of PGEO's strategy to expand the utilization of geothermal energy beyond electricity generation .Think GeoEnergy - Geothermal Energy News
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Exploration with Chevron and Mubadala Energy: PGEO, in collaboration with Chevron New Energies International and Mubadala Energy, is exploring geothermal opportunities in Kotamobagu, North Sulawesi. This joint study agreement aims to leverage the complementary strengths of the three companies to develop geothermal resources in the region .Think GeoEnergy - Geothermal Energy News+3Mubadala Energy+3chevron.com+3
📊 Financial Performance
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2024 Financial Results: PGEO reported a net profit of USD 160.30 million in 2024, slightly down from USD 163.57 million in the previous year. The company achieved revenues of USD 407.12 million, marking its highest electricity production and revenue in history. Operating cash flow increased to USD 258.29 million, reflecting revenue stability and effective cost control .Global Renewable News
🏆 Recognitions and Innovations
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Green Bond Issuance: In April 2023, PGEO issued its inaugural $400 million five-year green bonds at a 5.15% coupon rate. This issuance, the first green bond from a sovereign-linked corporate in Indonesia, was oversubscribed by 8.25 times and recognized as the "Green Bond of the Year – Corporate (APAC)" by Environmental Finance .Environmental Finance
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Flow2Max® Technology Collaboration: PGEO signed a Memorandum of Understanding with Ecolab International Indonesia to develop and deploy Flow2Max®, a patented two-phase fluid flow measurement technology. This collaboration aims to optimize the technology's application in the geothermal sector and expand its use to other industries globally .en-th.ecolab.com