Galileo Technologies, a company that deploys a unique technology to capture natural gas from any source and convert it into Liquefied Natural Gas (LNG) on-site, has secured a major cornerstone investment from Helmerich & Payne (H&P), North America’s largest land drilling solutions provider
H&P invested $33m into the company in the form of a convertible note. The convertible note bears interest of five percent per annum and is due April 2027. The companies also plan to identify and pursue business development opportunities, which, if successful, have the potential to reduce fuel costs and carbon emissions from power consumption on well sites. Galileo’s technical expertise combined with H&P’s wide network of drilling sites provides significant opportunity for widespread application of the liquefaction technology in North America.