Geothermal in the News

Sage Geosystems to Build 'First of its Kind' Geothermal Energy Storage Project

bschmidt — Thu, 21 Mar 2024 22:44:00 +0000

Sage Geosystems to Build 'First of its Kind' Geothermal Energy Storage Project bschmidt Mar 21, 2024

Date

Mar 04, 2024

Sage Geosystems recently announced plans to build EarthStore -- a 3MW geothermal facility in Texas. The project is designed to store electricity, using the Earth's heat to efficiently move water into and out of underground fractures to generate electricity. When electricity demand is low but renewable power is abundant, the project will use electricity from the grid to pump water into the reservoir. When demand is high, valves will open, allowing the pressure to push water up the well and drive a turbine.

The project has an estimated cost of $14 million, with construction expected to begin in the second quarter of this year. It is expected to provide electricity for 600 houses. Sage Geosystems will review the results after EarthStore has been operating for three months, and potentially scale the project up to 50 MW or more, depending on the results.

Read the full article here.

Small Businesses: Got a Great Geothermal Idea? Submit Your Letter of Intent by March 27!

bschmidt — Thu, 21 Mar 2024 22:40:59 +0000

Small Businesses: Got a Great Geothermal Idea? Submit Your Letter of Intent by March 27! bschmidt Mar 21, 2024

Date

Mar 12, 2024

Geothermal in the News

In the News

On February 26, 2024, the U.S. Department of Energy’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs released the Phase II Release 2 Funding Opportunity Announcement. The opportunity includes funding for qualified small businesses to carry out geothermal-related projects, including in long-term geothermal reservoir monitoring. An informational webinar is scheduled for March 1, 2024, letters of intent are due March 27, 2024, and full applications are due April 30, 2024.

SBIR provides competitively selected grants for projects that have the potential for commercialization and meet specific DOE mission-specific R&D needs. Specific research topics are selected through the DOE SBIR/STTR Programs Office working collaboratively with DOE's program offices.

Visit the SBIR/STTR website for more about the Phase II Release 2 opportunity and for general information about SBIR/STTR funding.

Quaise Energy Raises $21 Million to Accelerate Terawatt-Scale Geothermal Energy

bschmidt — Thu, 21 Mar 2024 22:35:49 +0000

Quaise Energy Raises $21 Million to Accelerate Terawatt-Scale Geothermal Energy bschmidt Mar 21, 2024

Date

Mar 19, 2024

Geothermal in the News

In the News

Quaise Energy recently announced the closing of a $21 Million Series A1 financing round led by Prelude Ventures and Safar Partners, with Mitsubishi Corporation and Standard Investments among several new investors participating in the round. The funding will enhance the company’s field operations and strengthen its supply chain position, while ongoing product development will continue with pre-existing capital.

“The world needs vast amounts of carbon-free primary energy to transition away from fossil fuels,” said Mark Cupta, Managing Director at Prelude Ventures. "Quaise is creating a truly scalable solution that enables nearly any piece of land on Earth to yield abundant clean energy.”
This new funding aims to improve geologic understanding via magnetic and seismic surveys, among other tests. This data will be used to identify the best areas for initial drilling as well as the first commercial pilots.

Read the full article here.

Pro-Geothermal Policies Being Pushed in the US at Federal and State Levels

bschmidt — Thu, 21 Mar 2024 22:04:35 +0000

Pro-Geothermal Policies Being Pushed in the US at Federal and State Levels bschmidt Mar 21, 2024

Date

Mar 19, 2024

Geothermal in the News

In the News

U.S. policymakers are proposing legislation to promote and accelerate geothermal deployment, at both the state and federal levels. Some of the policy options being discussed include expediting the permitting process, the establishment of research institutes, and funding bodies for geothermal projects.

GR Executive Director Bryant Jones recently provided expert testimony during a House Committee on Natural Resources hearing on a proposed amendment to the Energy Policy Act of 2005 seeking to streamline the process of National Environmental Policy Act (NEPA) reviews. Dr. Jones also urged policymakers to encourage the Bureau of Land Management (BLM) to address the difficulties of the geothermal permitting review workforce that have resulted in delays in geothermal leasing.

In another federal development, Senators Alex Padilla (D-Calif.), Jacky Rosen (D-Nev.), Catherine Cortez Masto (D-Nev), Martin Heinrich (D-N.M.), and John Hicken (D-Colo.) published a letter in February urging the House Committee on Appropriations to include USD 118 million for the Department of Energy’s (DOE) Geothermal Technologies Office, and that 100 million of this funding be allocated to next-generation geothermal technologies.

Several policy developments have taken place at the state level as well:

New Mexico -- Governor Michelle Lujan Grisham recently signed the “Geothermal Resources Development Act” which creates a fund that can provide grants of up to USD 250,000 for cost-benefit studies for geothermal projects.
Utah -- Representative John Curtis (R) is sponsoring the “Geothermal Opportunity Act” / “GEO Act” that seeks to amend the existing Geothermal Steam Act of 1970 and would establish a deadline for processing applications related to geothermal leasing.
Washington -- SB 6039, which directs the Washington Geological Survey to compile and maintain a comprehensive database of publicly available subsurface geologic data relevant to the Washington State, has been approved by both the Senate and the House of Representatives and is currently at the desk of the Governor.

Read the full article here.