Alphaxioms Geothermal News and Related Research Globally

 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™ fa...

From Barrels To Steam, How Oil and Gas ⛽ Companies are Craving for More Steam In a bold move towards sustainability and diversification, several major oil and gas companies are shifting their focus towards geothermal energy. This strategic shift signifies not only a response to the growing demand for clean energy but also a recognition of the potential of geothermal resources as a reliable and renewable energy source. Let's delve into the recent developments and initiatives taken by key players in the oil and gas industry towards embracing geothermal energy: ExxonMobil's Exploration into Enhanced Geothermal Systems (EGS) ExxonMobil's Chairman and CEO, Darrel Woods, recently hinted at the company's interest in Enhanced Geothermal Systems (EGS). This technology involves drilling deep into the earth's crust to access heat reservoirs and utilizing hydraulic fracturing techniques to enhance heat extraction. By leveraging their expertise in drilling and reservoir engineer...