Sage Raises $17 Million For Worlds First Geopressurized Geothermal System

Sage Geosystems Raises $17 Million in Series A, Announces World’s First Commercial Geopressured Geothermal System (GGS) Facility

February 15, 2024 09:00 AM Eastern Standard Time

Houston, TX—In a groundbreaking move towards sustainable energy solutions, Sage Geosystems proudly announced today the successful closure of its Series A funding, securing an impressive $17 million. This landmark achievement was led by Chesapeake Energy Corporation (NASDAQ: CHK) alongside notable technology investor Arch Meredith, Helium-3 Ventures, and with continued support from existing investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc.

The funds from this Series A round will be instrumental in realizing the vision of Sage Geosystems: the creation of the world’s first commercial Geopressured Geothermal System (GGS) facility. Named EarthStore™, this innovative facility will harness the power of pressurized water stored deep underground to generate renewable energy. The 3MW EarthStore™ facility is poised to revolutionize the energy landscape, offering the ability to store energy for both short and long durations. It will be seamlessly integrated with intermittent renewable energy sources such as wind and solar, providing reliable baseload power and essential grid inertia.

“The first close of our Series A funding and our commercial facility are significant milestones in our mission to make Geopressured Geothermal System (GGS) technologies a reality,” remarked Cindy Taff, CEO of Sage Geosystems. “The success of our GGS technologies is not only critical to Sage Geosystems becoming post-revenue, but it is an essential step in accelerating the development of this proprietary geothermal baseload approach. This progress would not be possible without the ongoing support from our existing investors, and we look forward to continuing this work with our new investors.”

Sage Geosystems, headquartered in Houston, Texas, is set to commence the construction of the EarthStore™ facility in the second quarter of 2024, with a targeted commission date of the fourth quarter of the same year. The exact location of the facility will be revealed in due course.

In a remarkable demonstration of its capabilities, Sage Geosystems successfully showcased the EarthStore™ system in a full-scale commercial pilot project in Texas in 2023. The pilot project yielded impressive results, producing 200 kW for more than 18 hours (long-duration) and 1 MW for 30 minutes (load-following), thus validating its efficacy in generating electricity. Notably, the system boasts a roundtrip efficiency (RTE) of 70-75 percent and water losses of less than 2 percent, marking a significant leap forward in sustainable energy solutions.

For further information about Sage Geosystems and its innovative endeavors, please visit [www.sagegeosystems.com](http://www.sagegeosystems.com).

About Sage Geosystems

Founded in 2020, Sage Geosystems is at the forefront of developing Geopressured Geothermal System (GGS) technologies, delving deep into the earth's resources to unlock sustainable energy solutions. As pioneers in the field, Sage Geosystems is committed to delivering cost-effective and commercially viable geothermal solutions, with its proprietary GGS design leading the way. Backed by a team with over 150 combined years of experience in the oil and gas industry, Sage Geosystems is poised to redefine the future of energy. The company's headquarters are located in Houston, Texas.

Advisors

Evercore served as the exclusive placement agent for Sage Geosystems in connection with this capital raise, while Wilson Sonsini Goodrich & Rosati provided legal counsel.

Source: Researched and Written by Robert Buluma, alphaxioms@gmail.com

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