Articles tagged with "geothermal-energy"
Senate GOP bill spares nuclear and geothermal energy while hammering wind and solar
Senate Republicans have introduced a budget reconciliation bill that significantly scales back renewable energy incentives established under the Inflation Reduction Act (IRA), particularly targeting solar, wind, and hydrogen energy. The bill proposes ending residential solar tax credits within 180 days of enactment and disqualifying solar leasing companies from receiving credits, which would severely impact the residential solar market. Commercial wind and solar projects would face a shortened timeline for tax credits, with full credits only available for projects starting within six months of the bill’s signing and phased reductions thereafter, disappearing entirely after 2027. Hydrogen tax credits would also end this year, creating additional challenges for hydrogen startups. In contrast, the bill largely spares geothermal, nuclear, hydropower, and long-duration energy storage technologies, with only slight extensions to their tax credit phase-outs. Carbon capture incentives would be modified to eliminate distinctions based on the use of captured carbon, making all projects eligible for the same credit level. Notably, the inclusion of long-duration energy storage could
energyrenewable-energysolar-powerwind-energynuclear-energygeothermal-energyenergy-policyGeothermal Industry Sends A 163-Gigawatt Letter To Fossil Fuels
The article discusses the renewed focus on geothermal energy in the United States amid President Donald Trump’s second term, which prioritized coal, oil, gas, and geothermal energy under a “National Energy Emergency” declaration issued on January 20. While traditional renewables like wind and solar were excluded from this emergency status, geothermal energy, along with biofuels and hydropower, was recognized as a critical energy resource. Despite this inclusion, legislative support—particularly tax provisions in the federal budget bill (BBB)—has yet to fully materialize, leaving geothermal’s financial incentives uncertain as Congress debates the final bill. Significantly, the US geothermal industry is poised for growth, bolstered by new Department of Energy research and development programs that leverage enhanced geothermal systems (EGS) technology. This approach uses advanced drilling techniques adapted from oil and gas to create viable geothermal power sites beyond the limited traditional locations west of the Rockies. A recent US Geological Survey assessment revealed that New Mexico alone holds an estimated 163 gigawat
energygeothermal-energyrenewable-energyUS-energy-policybiofuelshydropowerenergy-infrastructureStartups Weekly: No sign of pause
The article "Startups Weekly: No sign of pause" highlights the continued dynamism in the startup ecosystem despite major industry events like WWDC, with June seeing numerous significant deals and IPO announcements. It underscores that startup trajectories are often nonlinear, exemplified by neobank Chime’s near-collapse in 2016 before its highly anticipated IPO. Other notable startups include Nucleus Genomics, which offers controversial embryo genetic testing, and Automattic, the WordPress.com owner, which continues to support its personal CRM app after raising substantial venture capital. The piece also details key venture capital and funding developments, spotlighting several large and strategic investments. Multiverse Computing raised about $215 million for its technology that reduces the size and cost of large language models, while enterprise AI company Glean’s valuation surged to $7.2 billion. Other highlighted startups include Fervo Energy, backed by Bill Gates’ Breakthrough Energy Catalyst for geothermal projects; German nuclear fuel startup Proxima Fusion; delivery robot company Coco Robotics
energygeothermal-energyfusion-energyroboticsdelivery-robotsAI-integrationstartup-fundingMeta partners with US energy startup for 150 MW geothermal plant
Meta has partnered with US geothermal startup XGS Energy to develop a 150-megawatt geothermal power plant in New Mexico. Unlike a traditional power purchase agreement, this collaboration aims to advance geothermal energy development rather than directly securing power for Meta. The exact location of the plant remains undisclosed. This move reflects a growing trend among tech giants to incorporate geothermal energy into their clean energy strategies, given its ability to provide reliable, 24/7 emission-free electricity—an increasingly critical factor for energy-intensive data centers supporting AI and cloud computing. XGS Energy distinguishes itself with a closed-loop geothermal system that circulates water through a sealed well, preventing water loss common in traditional open-loop systems. The company also uses a proprietary heat-transfer mud to enhance heat absorption from surrounding rocks. Although still in development, XGS has raised $20 million in Series A funding to build a commercial prototype in California, with the Meta partnership potentially accelerating large-scale deployment. Research suggests advanced geothermal systems could supply up to two-thirds
energygeothermal-energyclean-energyMetaXGS-Energyrenewable-energypower-plantMeta teams with XGS Energy to build a 150 MW geothermal power plant
Meta has partnered with startup XGS Energy to develop a 150 megawatt geothermal power plant in New Mexico, marking the tech giant’s growing interest in geothermal energy as a clean, reliable power source. While specific details about the plant’s location and the terms of the deal remain undisclosed, Meta clarified that the agreement is aimed at advancing geothermal development rather than a direct power purchase contract. This move aligns with a broader trend among tech companies and data center operators who are increasingly exploring geothermal energy due to its ability to provide continuous, emission-free electricity. XGS Energy differentiates itself with a closed-loop geothermal system that circulates water within a sealed well, minimizing water loss, and uses a proprietary mud to enhance heat transfer from surrounding rocks. This technology contrasts with more common open-loop designs that lose some water to the ground over time. The partnership reflects growing momentum in the geothermal sector, with other startups like Fervo Energy securing significant financing to build large-scale plants and companies such as Google investing in geothermal
energygeothermal-energyrenewable-energyMetaXGS-Energypower-plantsustainable-technologyFervo Energy lands $206M in financing to build massive geothermal power plant
Fervo Energy, a leading geothermal startup, has secured $206 million in financing to advance the development of Cape Station, poised to be the world’s largest enhanced geothermal power plant located in Utah. The project’s initial phase is expected to begin operations next year, generating 100 megawatts of electricity, with a planned expansion in 2028 adding an additional 400 megawatts. Enhanced geothermal technology, which accesses deeper and hotter underground heat than traditional methods, offers a promising, emissions-free, and continuous power source, particularly appealing for energy-intensive applications like AI data centers. The technology also benefits from expertise derived from the oil and gas industry, potentially aiding its regulatory and political support. The financing package includes $100 million in preferred equity from Breakthrough Energy Catalyst, Bill Gates’s investment arm, an additional $60 million loan from Mercuria, and $45.6 million in bridge debt from X-Caliber Rural Capital. This funding follows Fervo’s recent achievement of drilling its hottest and deepest
energygeothermal-energyrenewable-energypower-plantclean-energyenergy-financingsustainable-energyQuaise "Proof Of Concept" Demo Goes Live In Texas - CleanTechnica
Quaise, an MIT spinoff, is pioneering a novel geothermal drilling technology that uses high-powered microwaves generated by gyrotrons to bore through hard rock such as basalt and granite. This approach aims to reach superhot zones located up to 12,000 feet (about 2 to 4 kilometers) beneath the Earth's surface, where temperatures exceed 374º C (700º F). At these depths, water can be converted into supercritical steam, which is highly efficient for generating electricity. Quaise envisions tapping into this vast geothermal heat as a nearly limitless, clean energy source capable of meeting global electricity demands for millions of years. The concept originated from Paul Woskov’s fusion research at MIT, where he realized that gyrotrons—powerful microwave sources used to heat plasma—could be repurposed to vaporize rock and create deep boreholes. In 2018, Carlos Araque and Matt Houde joined Woskov to found Quaise, combining expertise from MIT and the oil and gas industry. Recently, Quaise completed its first proof-of-concept demonstration near Houston, Texas, where their microwave drilling technology successfully penetrated 10 feet into granite within an existing oil well. Although this is an early milestone far from the ultimate goal of drilling miles deep, the company emphasizes its mission to become a geothermal developer providing abundant, reliable, and affordable clean energy worldwide, rather than merely selling drilling equipment.
energygeothermal-energyclean-energydrilling-technologymicrowavesfusion-researchsustainable-powerBonanza Of Gas Killing Geothermal Energy Discovered In US
geothermal-energyrenewable-energyenhanced-geothermal-systemsenergy-generationUS-Department-of-EnergyNevada-geothermalfossil-fuelsCuộc đua khai thác năng lượng từ lòng đất
energygeothermal-energyclean-energydrilling-technologyrenewable-resourcesenergy-productionsustainable-energy