Next-Generation Geothermal was listed among the top four innovations in Europe that could compete globally, according to Siôn Geschwindt, climate and energy reporter at The Next Web.
Geschwindt stated that Europe is striving to achieve ambitious climate targets while reducing reliance on foreign technologies. A recent report by the EU Institute for Security Studies has identified four key innovations with the potential to decarbonize Europe’s economy and enhance its technological sovereignty.
“One of them, geothermal energy, is a personal favourite. We really ought to be harnessing more of the Earth’s heat — it just makes sense,” stated Geschwindt in a LinkedIn post.
He elaborated that geothermal energy does not require energy from volcanoes or hot springs, contrary to what popular belief may say. Emerging Next-Generation technologies, like the Eavor-Loop™, are capable of extracting energy from several kilometres deep in the Earth’s surface. This advancement opens up new possibilities for geothermal plants that can be built using readily available components from the oil and gas industry.
Yet, despite its benefits, Geschwindt stated that geothermal energy generated only 0.2 percent of the EU’s electricity in 2022. However, the landscape is changing rapidly, with private investment in geothermal startups surging thanks to high-profile backers like Bill Gates, Jeff Bezos, and Michael Bloomberg.
In addition to geothermal energy, the report highlights sodium-ion batteries, perovskite solar cells, and advanced biofuels as critical innovations to drive Europe’s energy transition and reduce dependency on foreign technologies.
Europe’s push for energy autonomy positions the continent well to capitalize on geothermal energy, according to Geschwindt. Furthermore, he stated that establishing a leading geothermal company within the EU would not only bolster energy security but also enhance Europe’s competitiveness in the global cleantech market.
