GreenFire Energy Partners with Medco Power Indonesia for Indonesia's Net Zero Emission 2060 Goal 

Jakarta, Indonesia - September 14, 2023.

GreenFire Energy Inc. and PT Medco Power Indonesia have signed a memorandum of understanding (MOU) to advance geothermal projects in Indonesia, aligning with Indonesia's Net Zero Emissions target for 2060.

GreenFire Energy will bring its innovative GreenLoop™ technology to the partnership, a cutting-edge solution well-suited to optimizing geothermal operations. The technology enhances existing wells, facilitates exploration of new geothermal resources, and mitigates development risks, all while maintaining cost-effectiveness.

Complementing GreenFire Energy's technology expertise, PT Medco Power Indonesia, a prominent Independent Power Producer, and PT Medco Energi Internasional Tbk subsidiary, will provide its extensive geothermal experience. This includes offering geothermal project opportunities, exploration services, and drilling capabilities. Their alignment with Indonesia's clean energy goals is evident through their involvement in projects such as the Ijen Geothermal venture in East Java and photovoltaic (PV) plant initiatives in West and East Bali.

As an esteemed local partner of GreenFire Energy in Indonesia, Armada Energi Solusi plays a pivotal role in facilitating this partnership between GreenFire Energy and PT Medco Power Indonesia. Mr. Iwan Chandra, President Director of PT Armada Energi Solusi, has emphasized the company's readiness to expedite geothermal projects throughout the country.

Mr. Joseph Scherer, CEO of GreenFire Energy Inc., expressed his confidence in GreenLoop™ technology's suitability for Indonesia's geothermal resources, stating, "We can tailor solutions for optimizing existing wells, expanding production capacity, and identifying new sources of clean energy. PT Medco Power Indonesia's projects are a top priority for GreenFire Energy, and we are excited to collaborate."

This collaborative effort, driven by technology, extensive expertise, and a shared commitment to sustainability, holds immense promise for Indonesia's clean energy transition.