U.S Government announces new funds and incentives for next-generation geothermal deployment, underscoring significant movement in energy transition
America is dialing up the national thermostat on geothermal research and development with new policies and funding from the Biden administration. In the spring of 2022, both sides of American congress agreed to allocate $84 million USD for the development of four demonstrative geothermal projects under the Bipartisan Infrastructure Law. The Inflation Reduction Act followed shortly after, providing companies with incentives of up to 40% tax credits for investments in geothermal projects. Businesses that meet livable wage standards and bankroll geothermal ventures will be eligible for a tax credit of 30%. An additional 10% is available for development projects in communities currently or previously reliant on the energy industry, such as those with large fossil fuel sectors or retired coal mines. Politico.com quoted Geothermal Rising board of directors president Kelly Blake in their reporting on the policies, saying the geothermal industry hasn’t received this much interest in over 50 years.
CERAWeek Video – Transferring Technologies for Next-gen Geothermal
During CERWeek 2023, Eavor CEO, John Redfern participated in a panel discussion focusing on the topic of ‘Transferring Technologies for Next-gen Geothermal’. The panel also featured Andrei Utkin, Abdulaziz Almuhaidib, Douglas Blankenship & Carlos Araque.
Eavor named as a key developer for Yukon’s geothermal potential and economic future
Yukon-based columnist Keith Halliday says next-generation geothermal energy could play a vital role in the Canadian territory’s future. Economic commentator Halliday has a long list of opinion pieces written for multiple regional publications, including Yukon News and Tar Sands Diplomat. It is no surprise that many of Halliday’s articles focus on resource development and the environment in a territory primarily driven by mining and tourism. In a recent two-part series, the writer breaks down the past, present, and most importantly, the future of mining and resource extraction in light of global climate change initiatives and attitude shifts towards responsible resource development. Global demand for sustainable minerals like copper and zinc is increasing, and the Yukon has a unique opportunity to supply responsible resources while striving towards reduced emissions and world-wide climate goals.
The Government of Canada’s 2023 Budget Advances Canada’s Geothermal Opportunity
On March 28, 2023, Chrystia Freeland, the Deputy Prime Minister and Finance Minister, tabled Budget 2023, A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, and Healthy Future. Promoting the commercialization and viability of emerging clean technologies to enhance greenhouse gas reduction, job creation, and economic diversification remains a national priority. Various policy mechanisms, some of which are mentioned below, aim to advance this goal, including: Tax rate reductions for zero-emission technology manufacturers; Tax credits for clean electricity production; Investment tax credits for clean technology manufacturing; and Additional funding for the Strategic Innovation Fund.
Startups Are Shaking Up Geothermal Power’s Prospects
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.
Puerto Rico aims for 100% Renewable Local Energy
Energy News Network published an article stating the U.S. Department of Energy pledged $1 billion to expand Puerto Rico’s solar energy systems. The island is striving to become less reliant on fossil fuels and integrate a more renewable source of energy into their grid.
Alexis Massol González, founder of solar project Casa Pueblo, is hopeful that the funds are funnelled to independent solar projects, as it would boost local energy autonomy and establish a more reliable source of power during natural disasters.
Casa Pueblo, according to Massol González, became an “energy oasis” during the fallout of Hurricane María in 2017, as people could use energy from the solar panels to make phone calls.
Energi Media Features Eavor’s Paul Cairns in an Interview About Innovators Leading Alberta Oil Patch’s Energy Transition
Energi Media recently featured Eavor’s director of business development, Paul Cairns, in an article about energy transitions in Alberta. CEO of Energi Media, Markham Hislop, spotlighted three clean energy stories in the article, highlighting Eavor’s technology and how it adopts methods that were created by the oil and gas sector for geothermal. It also gave context to Eavor’s motivation to provide a scalable, baseload or dispatchable source of clean energy that does not suffer from the same shortcomings of traditional geothermal or Enhanced Geothermal Systems. “There’s been lots and lots of time and energy put into extracting hot water from the earth, pulling that heat energy out of the water to make electricity or heating. It’s been done for a very long period of time,” said Cairns in the interview.
‘Using the Planet to Save the Planet:’ the National Renewable Energy Laboratory’s hot take on geothermal
The National Renewable Energy Laboratory published a comprehensive report on the uses of and momentum behind the rising wave of next-generation geothermal. Written by NREL’s communication project manager Kelly MacGregor, the article is a culmination of six months of immersive research into the world of geothermal and the current projects underway at NREL. Complete with educational infographics, photos of real-world geothermal technology in use, and plenty of blue links to satisfy thoroughly curious readers, the article delves into great detail about the uses, old and new, of earth-based energy. NREL is a laboratory under the US Department of Energy, Office of Energy Efficiency and Rewenable Energy, and managed by the Alliance for Sustainable Energy LLC. With six national centres and collaborative research facilities across America, 16 research programs involving projects from bioenergy to grid modernization, and nearly 700 patents for proprietary technologies, NREL is undoubtedly a leading energy science institution.
Senior Geologist Lynette Liston was granted an award for her achievements in the geothermal industry and groundbreaking work in renewables
Eavor Senior Geologist Lynette Liston was recently awarded the prestigious Women in Energy Transformation award for her outstanding work. This award recognizes women who have made significant contributions to the energy sector, including the development and implementation of sustainable energy solutions. It highlights her exceptional contributions to the energy sector and her motivation to improve quality of life for people around the world. “The energy transition is important to me because a lower carbon, reliable, local baseload energy source could safely help reduce energy poverty—and literally empower nations,” said Liston in an interview with Women in Energy Transformations. Liston has accumulated a wide variety of skill sets from working in geology technology, leadership roles, and cross discipline roles with commercial and strategy teams. Her previous work experience in the Exploration and Production Industry involved on and off-shore projects, where she explored conventional and unconventional methods within the industry.
Dr. Finian Tan on impact investing: looking after the future can further your bottom line
Singapore-based luxury lifestyle magazine The Peak featured a piece on the impact of investment venture capitalist Dr. Finian Tan, and his opinion on why supporting change-makers is necessary – and profitable. Since 1984, The Peak Magazine has specialized in publishing profiles and interviews with “C-suite executives, captains of industry and successful entrepreneurs in Singapore.” Dr. Finian Tan is no exception to the high calibre criteria, having worked as the Deputy Secretary of Trade and Industry for the government of Singapore, the Asian trading arm of Goldman Sachs, and other major venture capital firms. Dr. Tan’s long career in investing has left him an expert in the field, no stranger to the tenets of exponential growth and calculated risk. However, unlike many in the investment industry, Dr. Tan also recognizes the great importance of “investments in sustainable and inclusive growth areas that create paths towards a healthier planet and society.”
RE:TV – Geothermal technology with a key part to play in the clean energy transition
With global demand for energy expected to increase by 50% by 2050, it is essential we find a range of energy sources to replace fossil fuels and support the transition to a clean energy future. Eavor’s revolutionary geothermal technology provides a source of constant, stable energy to complement less reliable renewable energy sources, such as wind and solar, and can be used in a broad range of locations all over the world, and has a much smaller footprint than other renewable technologies. After trialling their prototype system in Alberta over the last three years, they are now embarking on a series of commercial and industrial-sized projects, breaking ground on two projects in Bavaria and New Mexico, which will be the world’s deepest and hottest directional geothermal well ever drilled.
Next-generation geothermal steals the spotlight during CERAWeek
The 41st annual CERAWeek Conference by S&P Global has dominated industry headlines for more than a week, and renewable energy spent more time in the limelight than conventional sources like oil and gas. In particular, the emerging next-generation geothermal industry received a great deal of attention, reinforcing what major players in the sector already know: geothermal’s revival is gathering global momentum, and Calgary-based Eavor Technologies holds a key position at the industry’s helm. Jeanine Vany, Eavor’s executive vice president of corporate affairs, met with U.S. Department of Energy Secretary Jennifer Granholm during the week-long event, following a panel appearance by CEO John Redfern in an Agora session on the opening day of CERAWeek.
