Geothermal energy has long been recognized as a reliable and sustainable source of power but has struggled to gain widespread adoption due to high upfront costs and limited access to suitable geological formations. However, a new generation of startups is shaking up the geothermal industry with innovative technology and business models that could make it a more attractive option for investors and utilities.
According to an article by Power Magazine, one such startup, Eavor Technologies, has developed a closed-loop geothermal system that eliminates the need for drilling into specific geological formations. Instead, Eavor’s system circulates water through a network of underground wells, using the natural heat of the earth to generate steam and power turbines. This system can be deployed in a wide range of locations, making geothermal power accessible to many more communities and industries.
Other startups mentioned in the article, also in the geothermal space include Fervo Energy, which utilizes advanced drilling techniques and machine learning algorithms to identify the most promising locations for geothermal plants and reduce the costs of drilling. GreenFire Energy, which uses an engineered geothermal system to extract heat from rock formations, and Sage Geosystems, which offers a cloud-based platform for managing geothermal resources and predicting energy production.
These startups are attracting attention from investors and utilities who are looking for sustainable alternatives to fossil fuels. In 2020, Fervo Energy raised $28 million in a funding round led by Capricorn Investment Group, while Eavor Technologies was awarded a €91,6 million grant from the European Innovation Fund. The U.S. Department of Energy is also supporting the development of advanced geothermal technologies through its Geothermal Technologies Office, which aims to reduce the cost and risk of geothermal projects.
With the right support and investment, geothermal energy could become a more significant contributor to the global energy mix, providing a reliable and sustainable source of power that can complement other renewable technologies like wind and solar. These startups are leading the way in unlocking the full potential of geothermal energy and demonstrating that it can be a viable solution to the world’s energy challenges.