Following an extended corporate transition, all GEG restructuring was finalized by December 2023.A refreshed Group has started 2024 with operating companies GEG Geoneer, GEG Geosleeve and GEG Geocool. Contact online >>
Following an extended corporate transition, all GEG restructuring was finalized by December 2023.A refreshed Group has started 2024 with operating companies GEG Geoneer, GEG Geosleeve and GEG Geocool.
We are now supported with strategic direction and centralized management by GEG KE Ltd. and GEG Asset Management Corp. alongside streamlined governance and shareholding. Contact the new Board of Directors to learn more.
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New Report from the "Pathways to Commercial Liftoff" Series Highlights Geothermal Energy''s Potential to Increase Production Twentyfold While Advancing the Clean Energy Transition
WASHINGTON, D.C. —The U.S. Department of Energy (DOE) today announced the release of its latest Pathways to Commercial Liftoff report, focusing on the potential of next-generation geothermal power to transform the U.S. energy landscape. "Pathways to Commercial Liftoff: Next-Generation Geothermal Power," marks the ninth installment in the Liftoff series which launched in March 2023. This report shows how advanced geothermal technology could increase the United States'' geothermal energy production to 90 gigawatts or more by 2050, a twentyfold increase. This growth in geothermal energy supports the Biden-Harris Administration''s goals of facilitating a carbon-free electricity grid by 2035, while creating thousands of good-paying jobs to boost our clean energy economy.
"The US can lead the clean energy future with continued innovation on next-generation technologies, from harnessing the power of the sun to the heat beneath our feet, and cracking the code to deploy them at scale," saidU.S. Secretary of Energy Jennifer M. Granholm. "The newest report in DOE''s commercial liftoff series showcases the enormous potential for geothermal energy and that with strong public-private partnerships we can lower costs for this hot technology to expand access for cleaner, more reliable power to communities across the nation."
Next-generation geothermal energy represents a significant advancement in harnessing the Earth''s heat to generate power. This innovative approach involves the use of nascent technologies and methods to access and convert geothermal resources into electricity more efficiently and sustainably than ever before. Next-generational geothermal benefits from the long-standing use of geothermal as a power generation technology, and features transferrable technology, supply chains, and workforces from the oil & gas sector.
The release of this liftoff report follows on the heels of DOE''s recent announcement of projects directed by the Bipartisan Infrastructure Law to demonstrate the efficacy and scalability of enhanced geothermal systems. These selections, coupled with incentives for geothermal electricity development through the Inflation Reduction Act, are part of President Biden''s Investing in America Agenda which includes substantial investment in clean energy technologies.
Key findings from the report include:
This Liftoff report supports the goals of DOE''s Enhanced Geothermal Shot™, part of DOE''s Energy Earthshots™ Initiative, which aims to unlock Earth''s near-inexhaustible heat resources and bring enhanced geothermal systems to Americans nationwide.
Learn more about geothermal energy research, development, and demonstration in DOE''s Geothermal Technologies Office.
On April 12th, 2024, DOE will host a virtual fireside chat and webinar featuring senior DOE leaders to explore the "Pathways to Commercial Liftoff: Next-Generation Geothermal Power" report. Please register here.
Download the full reportExplore the MYPP
By 2050, deployment of carbon-free geothermal energy can help address the climate change crisis by offsetting more than 500 million metric tons (MMT) of greenhouse gases in the electric sector and more than 1,250 MMT in the heating and cooling sector—combining for the equivalent of replacing 26 million cars on the road every year (U.S. DOE 2019).
In the power sector, geothermal deployment can grow to provide 60+ gigawatts-electric (GWe) of firm, flexible clean energy by 2050, with a major expansion of geothermal power production in and outside the western half of the United States, where commercial geothermal power plants are currently concentrated (Augustine et al. 2019).
In the heating and cooling sector, geothermal heat pumps (GHPs) can be deployed in 28 million U.S. households by 2050, serving close to 25% of the entire U.S. heating and cooling market (Liu et al. 2019). GHPs represent a deployment-ready technology that offers a crucial pathway to decarbonize heating and cooling for single family homes, campuses, and cities across the United States.
Geothermal district heating (GDH), where geothermal energy heats buildings through a distribution pipeline network, has the promise to offset fossil fuel used for heating individual, commercial, and industrial buildings. By 2050, up to 17,500 GDH systems can be deployed in population centers along the U.S. Eastern Seaboard, the Ohio Valley, Texas, and portions of the Southwest, serving 45 million households (McCabe et al. 2019).
However, these significant deployment opportunities will not happen without intervention. If geothermal develops along a "business as usual" pathway, only minimal growth and market share by 2050 will be realized—less than 1% in the electric sector and 7% in heating and cooling.
Geothermal''s power sector outlook will be positively impacted by streamlined regulations and policies that place geothermal on par with other clean energy generation technologies through tax incentives and clean energy standards. However, the major step-change in deployment—to allow geothermal to provide 60+ GWe of firm, flexible clean energy—relies on technology advancements across the geothermal life cycle, from de-risking exploration to lower-cost drilling and improved reservoir development to accurately capturing geothermal energy''s market value as a firm, flexible clean energy resource.[1]
The Geothermal Technologies Office (GTO) will play a critical role in realizing these advancements in support of fully achieving geothermal''s status as America''s next energy powerhouse.
[1] Unpublished estimates from the National Renewable Energy Laboratory have shown deployment potential to exceed 120 GWe by 2050 under aggressive decarbonization pathways
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Nuclear-energy deals by technology giants Amazon, Microsoft and Google have sparked media attention around the world in the past few months. But several companies, including Meta and Google, are also investing in another source of low-carbon energy — next-generation geothermal. The agreements show that this technology is "on the cusp" of widespread commercial success, says Lauren Boyd, a geologist who heads the Geothermal Technologies Office at the US Department of Energy (DoE) in Washington DC.
Nature 635, 794-795 (2024)
doi: https://doi /10.1038/d41586-024-03621-w
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This geothermal technology revitalizes old wells and accesses previously uneconomic resources, with the potential to produce clean, continuous energy.
Here''s a jaw-dropping statistic: a mere 0.1% of the geothermal heat that lies deep inside our planet could supply the total energy needs for all of humankind for two million years.
It''s an inspiring number, as the imperative to decarbonize the world''s energy production grows ever more urgent. Unfortunately, while geothermal energy can provide an essentially infinite source of clean, continuous power and heat, most of it is inaccessible using conventional technologies.
Enter GreenFire Energy''s approach to ''closed-loop'' geothermal power. Founded in 2014, the company brings a combination of advanced geothermal systems (AGS) and extensive economic and technology modeling. It''s on a fast march to retrofit existing geothermal wells, identify field expansions for new wells and develop large greenfield projects for geothermal resources previously deemed too risky or uneconomic. And the energy industry is taking notice. In March 2022, Baker Hughes was announced as the lead investor in GreenFire''s Series A financing round, and Ajit Menon, VP for the company''s geothermal division, will join the GreenFire board.
"We are seeing a very welcome pivot by the oil and gas industry into geothermal because the sector – and Baker Hughes in particular – has the skill set, experience, financial capability, and dedication to make the geothermal transition happen," says GreenFire Energy president and CEO, Joseph Scherer.
About Green energy geothermal
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