From the Geothermal Resources Council
Geothermal energy is the world’s largest potential source of continuous renewable energy with at least an order of magnitude more than coal, oil and gas combined.1 It is estimated that 70% of overall geothermal resources are yet to be discovered.2 Paradoxically, geothermal energy is greatly underutilized, comprising only about 1% of the U.S. energy portfolio.
The enormous disparity between geothermal power potential and usage is due to the physical limitations of conventional geothermal power that constrain development to roughly 2% of heat resources that are found in highly permeable subsurface formations.3 Additionally, the industry is hobbled by a difficult business model characterized by long time frames and high risk – globally 22% of drilled wells are unproductive and most successful wells lose substantial productivity over time for a variety of reasons.
To access the enormous potential of geothermal energy, GreenFire Energy has developed GreenLoop technology to provide cost competitive, continuous and flexible geothermal energy. GreenLoop technology ensures subsurface permeability to exploit the vast geothermal resources that conventional technology cannot use. GreenFire Energy’s advanced closed-loop geothermal modeling provides multiple options to optimize output in existing or new geothermal projects.
Geothermal energy represents a reliable, secure, clean, and nearly inexhaustible baseload energy source. The current domestic installed capacity is over 3.8 gigawatts (GW). Current estimates of technically recoverable resource potential include an estimated 30 GW of new undiscovered hydrothermal resources and 100+ GW of new geothermal energy accessible…”U.S. Department of Energy4
- Idaho National Laboratory and MIT, Future of Geothermal Energy, 2006.
- Colin F. Williams, Marshall J. Reed, Jacob DeAngelo, and S. Peter Galanis Jr, Quantifying the Undiscovered Geothermal Resources in the United States, 2009.
- Peter Geiser, Bruce Marsh, Markus Hilpert, Geothermal: The Marginalization of Earth’s Largest and Greenest Energy Source, 2016.
- U.S. Department of Energy, DOE/CF-0153 Volume 3 Part 2, 2019.