The world market is demanding a huge increase of clean energy and renewable energy companies are challenged to supply it. The supply problem is amplified as baseload power plants – coal, oil and nuclear are shut down in favor of wind and solar installations. In addition, hydropower is less capable due to a prolonged severe drought.
Paradoxically, providing more wind and solar energy is starting to become counterproductive as the grid becomes less stable as intermittent energy sources become a greater part of the energy portfolio. Batteries for power storage are still prohibitively expensive and have their own set of environmental risks.
These problems have focused renewed attention on geothermal power, the world’s largest potential source of clean, continuous power. Despite having provided reliable power for over 100 years, geothermal technology has not kept pace with market demands. Now some of the same technologies that revolutionized the oil and gas industry are been applied to geothermal power to create “closed-loop” geothermal.
GreenFire’s GreenLoop Technology
GreenLoop closed-loop geothermal can extract energy from the full spectrum of geothermal resources much faster and with less risk than conventional methods. Recent research has demonstrated that 1 MW of geothermal capacity is the equivalent of 5 MW of solar plus 6 MW of battery storage in normal operation. Consequently closed-loop geothermal is ideal for balancing the electric grid through daily and seasonal operations and provides an important measure of energy security.
With the need for baseload, non-intermittent power sources, renewable energy companies have a greater interest in geothermal energy. Some agencies, such as the California Public Utilities Commission (CPUC), require renewable energy to meet baseload power requirements of “greater than 80% capacity factor,” for its renewable energy plan for 2023-2026, which only geothermal can meet. The U.S. Department of Energy’s GeovVsion resport estimates that the U.S. could have 60 GW of geothermal capacity by 2050, meeting 8.5% of the U.S. power demand.1
Renewable energy companies require technology solutions that accelerate geothermal development, reduce the risk of unproductive and failed wells, and increase ROI and profits. GreenLoop projects begin with proprietary and sophisticated GreenLoop Modeling to assess geothermal wells, resources, and existing infrastructure to determine technoeconomic feasibility and optimize energy output. The GreenLoop modeling significantly reduces project risk.
GreenFire Energy’s technology is flexible and is able to leverage existing investments in geothermal leases and permits, infrastructure, wells, and transmission. This results in a low LCOE for power generation and a superior business model that reduces risk and increases profits. Learn more at GreenFire’s GreenLoop Technology and Power Generation Solutions.
Existing Resource and Rights
- Geothermal leases & permits
- Wells and reservoirs understood
Infrastructure and Legal
- Power purchase agreements
- Site infrastructure
- Interconnect & transmission
- GreenLoop Modeling
- GreenLoop Designs
- GreenLoop Capabilities
- Global project partners
- Geothermal project expertise
- Fast time-to-revenue
- Low risk
- High ROI
- Competitive LCOE
Renewable energy companies and major oil and gas companies are also interested in producing clean hydrogen. Hydrogen has the potential to play a large role in the global energy mix to decarbonize the energy, industrial, and transportation sectors. But the cost of producing clean hydrogen is high as electricity requirements drive up production costs. GreenFire Energy is working on innovative technology for hydrogen development. See Industrial Application Solutions.
1 GeoVision: Harnessing the Heat Beneath Our Feet, Geothermal Technologies Office, Department of Energy. May 19, 2019.