GreenFire Energy Inc., via Its Channel Partner in Taiwan, Won the AGS Tender From an Energy Corporation in Taiwan

SAN FRANCISCO, CALIFORNIA

GreenFire Energy Inc. (“GreenFire”) announced that its channel partner, Taiteck Co., Ltd. (“Taiteck”) won the tender of GreenFire’s GreenLoop™technology feasibility study project from CPC Corporation, Taiwan (“CPC”) on June 14, 2023. The commencement date of the project was June 26, 2023. The tender requested the design of tests, testing of geothermal wells, and retrofit of wells using the GreenLoop technology. CPC intends to understand Taiwan’s geothermal resources potential by using Advanced Geothermal Systems (“AGS”) methods such as GreenFire’s GreenLoop technology.

CPC is state-owned and represents the national interest in domestic and international hydrocarbon exploration and exploitation. It is implementing the government’s energy transformation policy and actively promoting geothermal power generation. CPC has extensive exploration and drilling technologies and services that can be applied to geothermal energy development.

Taiteck is a local energy engineering company in Taiwan and has been committed to the supply of domestic energy equipment and services, including oil and gas drilling, production and power equipment supply, and technical services.

GreenFire Energy has developed a versatile, closed-loop Advanced Geothermal System (AGS) called GreenLoop. GreenLoop can economically access the entire spectrum of geothermal and certain oil and gas resources that conventional geothermal technology cannot. The technology enables new and existing operators and developers to retrofit idle wells, to expand existing fields with new wells, and to develop new geothermal resources quickly and economically.

“Taiteck and GreenFire Energy have formed a team and prepare to execute geothermal evaluation projects of CPC using GreenFire’s GreenLoop™technology,” said Johnny C.Y. Liu, president of Taiteck Co., Ltd.

“GreenFire Energy is honored to be working with CPC Corporation, Taiwan, and Taiteck Co., Ltd. We will provide GreenFire’s GreenLoop™ technology to enable CPC to expand the scale of geothermal power generation in Taiwan and to help meet the country’s net-zero emissions goals,” said Joseph Scherer, chief executive officer, GreenFire Energy Inc.

About GreenFire Energy® Inc.

San Francisco-based GreenFire Energy is committed to accelerating the generation of clean, continuous, reliable geothermal energy. The firm’s approach includes GreenFire’s GreenLoop™ closed-loop technology, a versatile Advanced Geothermal System (AGS); rich global geothermal expertise, both in-house and with industry-recognized partners; and, collaboration with the world’s largest geothermal operating companies to deliver geothermal energy rapidly and economically. GreenFire Energy is in the San Francisco, California area in the U.S. Visit us at www.greenfireenergy.com.

About CPC Corporation, Taiwan

CPC is Taiwan’s state-owned petroleum company and is responsible for supplying adequate energy to the domestic market. CPC’s business includes energy exploration and production, refining, petrochemicals, lubricants, solvents and chemicals; it is also Taiwan’s sole importer and supplier of natural gas. CPC is committed to sustainability in corporate operations, as evidenced by its membership of the World Business Council for Sustainable Development (WBCSD) since 2006. Visit CPC at www.cpc.com.tw.

About Taiteck Co., Ltd.

Taiteck is a local energy engineering company in Taiwan, founded in 1982, providing onshore oil and gas, geothermal drilling technology consulting, project management and consulting services, and personnel training courses. Taiteck and GreenFire Energy have formed a team and prepare to execute several geothermal development projects in Taiwan using GreenFire’s GreenLoop™ technology.

Media Contact:

Hollis Chin
VP Marketing
GreenFire Energy Inc.
+1.888.899.7363