DOE Awards $165M GEODE Grant to a Consortium Formed by Geothermal Rising, Project InnerSpace and the Society of Petroleum Engineering
The consortium will distribute grant funds to accelerate the development of geothermal energy in the U.S. over the next five years
DENVER, May 5, 2023 (Newswire.com) - Today, Geothermal Rising, a non-profit that builds and empowers the geothermal industry and educates external audiences about geothermal technologies and applications, announced that the U.S. Department of Energy (DOE) has awarded the Geothermal Energy from Oil and gas Demonstrated Engineering (GEODE) grant to a consortium formed by Geothermal Rising (GR), Project InnerSpace and the Society of Petroleum Engineering International (SPE) that could provide up to $165 million for geothermal activities.
The grant will provide $10 million in the first year that will fund the consortium's activities to create a plan to accelerate the development of geothermal energy initiatives, leveraging the expertise and technology from the oil and gas industry. From the second year onwards, the DOE will provide additional funds to finance the plan, up to $155 million.
The cross-industry collaboration formed by GR, Project InnerSpace, and SPE will engage with both oil and gas experts, geothermal startups and developers, as well as other stakeholders to build consensus around strategies and opportunities for geothermal innovation. The consortium will leverage the deep knowledge and experience of members from the geothermal industry in partnership with the oil and gas industry to address and overcome challenges currently constraining geothermal development.
"It is exciting for Geothermal Rising, and its expansive membership, to play a role in convening communities who, working together, hold the solution to our climate crisis through heat and electricity decarbonization," said Bryant Jones, Executive Director of GR. "We really can use the earth to save the earth when we work together."
Over the next five years, the consortium will address four key facets to accelerate geothermal development and production: technology transfer, demonstration and deployment, barriers to expansion, and workforce adoption. Within those facets, the consortium will focus on a variety of topics constraining geothermal growth, including research and development gaps, stakeholder engagement, funding for keystone projects, and consensus building amongst ecosystem stakeholders. Members of the geothermal community will be integral to identifying these pain points and proposing solutions to be solved with competitive grants awarded with GEODE funding.
"We look forward to advancing our collective vision for the role geothermal will play in the future of energy through this powerful partnership," said Jamie Beard, Project InnerSpace founder.
Accomplishing these goals will significantly contribute to achieving the cost targets outlined in the DOE's recently announced geothermal EarthShot, bringing down the costs of Enhanced Geothermal Systems (EGS) by 90%. The consortium's ultimate objective is to place geothermal into its proper and central role as the "go-to" secure, reliable, safe, and clean energy source of the future.
Source: Geothermal Rising