ThermaSource

About ThermaSource

In 1980, after years in the geothermal industry, Louis E. Capuano, Jr. founded ThermaSource as an engineering consulting firm in Santa Rosa, California. The company focused on the complex world of geothermal development, quickly earning a reputation for its expertise in drilling. The company's trajectory shifted significantly in 2005. With an injection of venture capital, ThermaSource began a period of major growth, acquiring drilling rigs and hiring personnel to become a more comprehensive service provider. This expansion was about vertical integration. By 2008, the company had acquired Tecton Geologic, a well-logging company, and EGS, Inc., a geology and geophysics firm, aiming to become a turnkey solution for geothermal projects. During this period, private equity firms including US Renewables Group, Riverstone Holdings, and The Carlyle Group invested over $90 million to fuel its growth. This strategy created an all-in-one offering: resource assessment, drilling, cementing, and well-logging. However, the path wasn't always smooth. The company later sold EGS and shut down its drilling fluids division to resolve potential conflicts of interest between its consulting and contracting services. Despite economic pressures that forced workforce reductions in 2009, ThermaSource continued to secure contracts both in the U.S. and internationally, cementing its role as a key player in tapping the earth for clean energy.