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Showing posts from March 2, 2025

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"US Geothermal Tax Credits 2026: What the IRA/45Q Changes Mean for Developers"

By Robert Buluma Alphaxioms
US Geothermal Tax Credits in 2026: What Is Actually Still Alive After OBBBA For an industry that spent more than a decade building financial models around a stable federal incentive structure, 2026 has been a year of whiplash. The 30% federal geothermal tax credit that developers and homeowners built forecasts around is gone in one form and still alive in another, and even the IRS’s own public guidance has been confusing enough to trigger uncertainty across the market. That confusion is not a minor clerical issue. It is shaping investment decisions, contractor sales pitches, homeowner timelines, and project finance assumptions right now. If you work in geothermal, the key question is no longer whether federal incentives exist, but which incentive applies, to which project type, and under what ownership structure. The law that changed the timeline To understand where things stand in 2026, you have to start with the Inflation Reduction Act of 2022, which created a long runway for clean e...
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Vulcan Completes 2D Seismic Survey in the Vorderpfalz Region: A Step Towards CO₂-Free Energy and Sustainable Lithium Extraction

By Robert Buluma Alphaxioms
Pioneering the Future of Clean Energy In a significant step towards a sustainable energy transition, Vulcan Energy Resources has successfully completed a 2D seismic survey in the Vorderpfalz region . By: Robert Buluma This marks a crucial milestone in its ambitious project with BASF , aimed at harnessing deep geothermal energy from the Upper Rhine Graben to supply CO₂-free steam for industrial use and district heating. With the growing global emphasis on renewable energy solutions , Vulcan’s initiative aligns perfectly with the broader goals of carbon neutrality , decarbonization of industries , and the sustainable extraction of lithium —a key component in lithium-ion batteries for electric vehicles (EVs) . The 2D Seismic Survey: Unlocking Geothermal Potential Since February 24, 2025 , Vulcan deployed up to three vibrotrucks to conduct the seismic survey over a 70 km stretch in the Vorderpfalz region. These specialized vehicles used sound waves to analyze the geological cond...
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The Future of Geothermal Energy: How Google Cloud, SLB, and Project Innerspace are Redefining the Game

By Robert Buluma Alphaxioms
  The geothermal revolution just got a powerful boost. By: Robert Buluma In a groundbreaking collaboration, Google Cloud, SLB, and Project Innerspace have joined forces to fast-track the global adoption of geothermal energy, leveraging cutting-edge data analytics, AI, and deep industry expertise. This partnership is not just a technological breakthrough it’s a bold move toward making geothermal energy a dominant force in the clean energy landscape. A Tectonic Shift in Geothermal Development Geothermal energy has long been hailed as the holy grail of clean, baseload power . Unlike solar and wind, it provides constant and reliable electricity, yet its global potential remains largely untapped due to exploration and development challenges . That’s where this alliance steps in. At the core of this partnership is GeoMap , an advanced mapping tool developed by Project Innerspace with contributions from over 100 researchers and scientists. Hosted on Google Earth Engine , GeoMap inte...
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Reaching New Depths: QHeat’s First International Licensing Project in Estonia

By Robert Buluma Alphaxioms
Pioneering Deep Geothermal Energy in Estonia By: Robert Buluma QHeat, a leading innovator in geothermal well technology, has taken a significant step in its international expansion by licensing its patented coaxial heat well technology for a pilot project in Estonia. Partnering with Engineering Bureau Steiger and the Geological Survey of Estonia, QHeat aims to explore the potential of deep geothermal energy in a region with limited prior research on its crystalline basement.   This milestone project involved drilling a 712-meter deep geothermal well at the Arbavere research center testing the feasibility of low-temperature district heating and cooling. Additionally, QHeat provided consultation for two more pilot projects one in Tallinn (500 meters) and another near Roosna-Alliku (five wells at 500 meters each). The projects, initiated in late 2023, successfully concluded in early 2025, setting the stage for further geothermal advancements in Estonia.   QHeat’s Advanc...
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Vulcan's Electric Rig Set To Extract Upper Rhine Grabens Lithium From Geothermal Brine

By Robert Buluma Alphaxioms
Unlocking the Power of Geothermal Brine: Vulcan’s Lithium Revolution By: Robert Buluma Image Credit: Worksite on Unsplash Harnessing Geothermal Brine for a Sustainable Future The demand for lithium is skyrocketing as the world shifts toward electric vehicles (EVs) and renewable energy. Vulcan Energy is at the forefront of this revolution with its ambitious Phase One project, "Lionheart,"which aims to extract lithium hydroxide monohydrate from deep within the Earth's crust. But what makes Vulcan’s approach groundbreaking?   By utilizing hot, lithium-rich geothermal brine from the Upper Rhine Graben, Vulcan is not just producing lithium but also generating clean energybsetting a new benchmark for sustainable lithium extraction.   Vulcan’s “Lionheart” Project: A Game-Changer for Lithium Production Vulcan Energy’s "Lionheart" project is a pioneering initiative that will produce 24,000 tons of lithium hydroxide monohydrate annually, a critical component for EV batter...
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Eavor Technologies: Revolutionizing the Energy Landscape with Groundbreaking Geothermal Innovation

By Robert Buluma Alphaxioms
In a world increasingly focused on sustainable energy solutions,  Eavor Technologies has emerged as a trailblazer, redefining the geothermal energy sector with its revolutionary technology.  By:  Robert Buluma The Calgary-based company has developed a unique closed-loop geothermal system, aptly named the Eavor-Loop™, which promises to deliver clean, reliable, and scalable energy without the limitations of traditional geothermal methods. This innovation is not just a scientific breakthrough; it’s a financial and environmental game-changer that has captured the attention of investors, governments, and energy experts worldwide.   The Eavor-Loop™: A Geothermal Marvel   Traditional geothermal energy relies on finding naturally occurring reservoirs of hot water or steam underground, which limits its applicability to specific geographic regions. Eavor’s technology, however, eliminates this constraint by creating an artificial geothermal reservoir. The Eavor-...
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Alphaxioms Interviews Rystad Energy: Geothermal's Inflection Point, Policy, and Drilling Breakthroughs

By Robert Buluma Alphaxioms
Geothermal at an Inflection Point: Why Policy, Conventional Resources, and Drilling Breakthroughs Will Define the Next Decade This interview was conducted by Robert Buluma on behalf of Alphaxioms,  responses delivered by  Alexandra Gerken Product manager, Geothermal solution at Rystad Energy   Introduction: The Strategic Crossroads for Geothermal Geothermal energy is entering a decisive phase. After decades of steady but regionally concentrated development, the sector now faces a confluence of technological innovation, policy ambition, and market demand that could either unlock global scale or confine geothermal to niche applications. Alexandra Gerken, Product Manager for Geothermal Solutions at  Rystad Energy , offers a clear-eyed assessment of where the industry stands, which technologies will drive near-term growth, and what must happen for geothermal to become a globally significant source of firm, low-carbon power. Her analysis emphasizes three pillars: the imme...
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Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well

By Robert Buluma Alphaxioms
Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well for Aalborg Heat4Ever Demonstration Denmark is moving from geothermal ambition to execution. Green Therma has selected Helmerich & Payne to drill the Heat4Ever demonstration well near Aalborg, a project that could become one of the country’s most technically ambitious geothermal developments and a meaningful test of closed-loop district heating.   A milestone for Danish geothermal The Aalborg Heat4Ever project matters because it is designed to prove that geothermal heat can be delivered without relying on a natural hot-water reservoir. Instead of producing groundwater from a conventional geothermal field, the system uses a closed-loop pipe-in-pipe design that circulates the same fluid downhole, heats it in contact with hot rock, and returns it to the surface for district heating use.  That distinction is important for Denmark, where district heating is already a major part of the energy system ...
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Serbia Advances Mišeluk Geothermal District Heating Project in Novi Sad

By Robert Buluma Alphaxioms
Serbia Advances Geothermal Drilling for the Mišeluk District Heating Plant in Novi Sad Serbia is moving forward with plans to develop a geothermal district heating system in Mišeluk, a rapidly urbanizing area of Novi Sad. The project is intended to place geothermal energy at the centre of a new low-carbon heating network, supported by solar power and natural gas backup. Exploratory drilling and construction of the heat distribution network are being carried out by JKP Novosadska toplana, Novi Sad’s public district heating utility. The initiative is supported through the United Nations Development Programme’s “Geothermal Energy in Serbia” programme, with financial backing from Slovakia.  The Mišeluk project is important not only because it could provide a new renewable heat source for Novi Sad, but also because it demonstrates how geothermal energy can be integrated into urban development from the earliest planning stages. Rather than retrofitting a geothermal system into an establi...
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North America Geothermal Energy Investment Opportunities, Companies, Resources, and Market Outlook

By Robert Buluma Alphaxioms
Investment Opportunities in North American Geothermal Energy North America is entering a new investment cycle in geothermal energy. The United States offers the region’s deepest commercial market and the largest advanced-geothermal pipeline; Mexico provides proven high-temperature volcanic resources and an established utility-scale industry; while Canada presents an earlier-stage opportunity centered on sedimentary-basin geothermal, direct-use heating, closed-loop systems, and oil-and-gas technology transfer. The investment case now extends well beyond conventional geothermal power plants. It includes enhanced geothermal systems, advanced closed-loop systems, geothermal heat pumps, district heating, industrial heat, geothermal storage, lithium extraction from geothermal brines, data-center power, and hybrid renewable-energy projects. In the United States, utilities had already procured or agreed to procure 1,007 MW of next-generation geothermal capacity through 12 power-purchase agreem...
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New Mexico Tribal Geothermal Development: Energy Sovereignty, Jobs, Investment

By Robert Buluma Alphaxioms
New Mexico’s Tribal Lands Poised for Geothermal Development: Opportunity, Challenges, and Pathways to Energy Sovereignty Image:  Located in Lordsburg, Lightning Dock is the only utility scale geothermal power plant in New Mexico. (BLM New Mexico via Flickr) Why geothermal matters for New Mexico tribes, nations, and pueblos Geothermal energy uses heat from the earth to produce electricity or heat buildings directly. For New Mexico — a state with abundant subsurface heat resources — geothermal offers a reliable, low‑emission complement to wind and solar. Unlike intermittent renewables, geothermal provides baseload power capable of supporting grid stability and reducing reliance on fossil fuels. For tribal communities, geothermal has particular appeal: it aligns with many Indigenous values around stewardship, can be developed with relatively low water demand compared with some thermal technologies, and offers long‑term revenue, jobs, and enhanced local control over energy resources. E...
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Innargi Geothermal drives Europe's renewable district heating decarbonisation from Aarhus to Poland

By Robert Buluma Alphaxioms
Innargi Geothermal, Decarbonising Europe's Heat, One City at a Time In an era defined by the urgent need to decarbonise Europe’s energy systems, one critical sector often remains overlooked, heating. Accounting for a substantial portion of the continent’s energy consumption, the heating sector has long been dominated by fossil fuels and biomass. Enter Innargi Geothermal, a Danish company on a mission to change that, one community at a time. Founded in 2017 by A.P. Møller Holding , Innargi has rapidly evolved from a single-project venture in Aarhus into an international geothermal energy company with a growing portfolio across Northern and Eastern Europe. By applying decades of subsurface expertise from the oil and gas industry to the untapped potential of geothermal energy, Innargi is industrialising geothermal district heating at a scale never before seen in the European Union. This article takes a deep dive into Innargi’s operations, exploring its revolutionary business model a...
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NYC Subway Thermal Energy Network Pilot: Geothermal Heat Capture, Radiant Cooling, Seasonal Storage

By Robert Buluma Alphaxioms
New York’s Subway Heat Turned into Winter Warmth: The City’s First Transit Thermal Energy Network Pilot Turning platform heat into usable energy — what the Chambers Street and Brooklyn Bridge–City Hall pilot means for urban energy systems New York City has launched a study to design and test a Thermal Energy Network (TEN) that would capture excess heat from two of Lower Manhattan’s hottest subway stations and reuse it to heat nearby municipal buildings. The proposed pilot, centered on the Brooklyn Bridge–City Hall 4/5/6 complex and the Chambers Street J/Z station, is notable for being the first time TENs are being considered inside a U.S. transit system. The plan pairs radiant cooling on platforms with geothermal borehole storage under an abandoned center platform at Chambers Street, converting otherwise wasted heat into a supply that can be stored seasonally and delivered to surrounding municipal facilities during colder months. This initiative sits at the intersection of urban heat r...
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Nowy Dwór Mazowiecki GT-1 Thermal Water Exploration Well: Project Overview, Funding, and Investment Potential

By Robert Buluma Alphaxioms
Nowy Dwór Mazowiecki GT,1 Thermal Water Exploration Well: Project Overview, Funding, and Investment Potential Project background and objectives The town of Nowy Dwór Mazowiecki signed grant agreement No. 52/2025/Wn07/FG,hg,dg on 20 February 2025 with the National Fund for Environmental Protection and Water Management (NFOŚiGW) under the “Making Poland’s Thermal Waters Accessible” priority program. The grant fully funds the execution of a single exploration and appraisal borehole, Nowy Dwór Mazowiecki GT,1, aimed at locating and characterizing geothermal waters for heating, recreational and balneotherapy uses. The direct objective is to perform geological works to identify and appraise thermal water resources and to make them available for municipal and commercial uses. The drilling target is one borehole to a design depth of 2,070 m (±10%). The project’s declared operational target is to assess thermal water yield and temperature to determine suitability for district heating, spa, recr...
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€200 Million Dutch Geothermal Financing Accelerates Sustainable Greenhouse Heat Growth

By Robert Buluma Alphaxioms
€200 Million Financing Accelerates Dutch Geothermal Energy Cluster in Centraal Oostland A new financing framework of up to €200 million is set to accelerate the development of a major geothermal energy cluster in Centraal Oostland, a greenhouse horticulture region in South Holland, the Netherlands. The facility, arranged by ING and Rabobank for renewable heat infrastructure platform 85 Degrees Renewable, will support the next phase of geothermal development in the region. The funding is expected to finance new geothermal wells, expand heat distribution infrastructure and strengthen the long-term growth of an integrated renewable heat platform serving greenhouse growers. The transaction is significant not only because of its size, but also because it demonstrates the growing ability of geothermal heat projects to attract institutional and bank financing. It highlights a shift from treating geothermal energy as a collection of individual drilling projects toward developing integrated hea...
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Dynelectro, Syntholene, and the Geothermal SOEC Breakthrough in Iceland

By Robert Buluma Alphaxioms
Dynelectro, Syntholene, and the Geothermal SOEC Breakthrough in Iceland Dynelectro’s role in the Syntholene Iceland project highlights a major shift in how the market should think about SOEC technology. For years, solid oxide electrolysis cells have been seen as highly efficient but too difficult to commercialize because of stack degradation, short operating life, and the complexity of integrating them into real industrial systems. This project helps challenge that view by showing how geothermal integration, advanced power electronics, and system-level design can make SOEC a credible industrial solution.   The most important takeaway is simple: the market has often misunderstood SOEC as a technology limited by chemistry alone, when in fact a large part of the challenge is operational. Dynelectro’s approach shows that if the stack is controlled properly and supported by the right electrical architecture, SOEC can move much closer to commercial viability. The Syntholene Iceland ...
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