Alphaxioms Geothermal News and Related Research Globally

Geothermal Energy in the US: A Clean Energy Powerhouse with Tax Incentive Parity By:  Robert Buluma Image credit; Terry Rodgers on LinkedIn The global shift toward renewable energy is rapidly evolving, with geothermal energy finally stepping into the spotlight as a clean, reliable, and sustainable power source. In the United States, a significant leap was taken to elevate geothermal's prominence alongside other renewable energy sources, such as wind and solar, through expanded tax incentives under the Inflation Reduction Act of 2022 (IRA).   This tax incentives will help companies like Eavor to go beyond what they unleashed in the previous year. This move marks a pivotal moment for geothermal energy, aligning it with the same 30% tax credit offered to wind and solar projects. The newfound parity demonstrates the Biden administration's commitment to an inclusive approach to tackling climate change. Geothermal, with its ability to provide consistent, baseload energy, offers...

Chinese-Funded 35MW Geothermal Plant: A Leap Toward Clean Energy Access in Kenya By:  Robert Buluma In a historic moment underscoring Kenya's commitment to sustainable energy, Kenyan President William Ruto fired up a bulldozer on October 24, 2024, to break ground for a new 35-megawatt geothermal power plant in Nakuru County. This $90 million project, dubbed the Orpower 22 Geothermal Power Plant, is set to fuel Kenya’s drive towards a greener future and unlock vast potential for clean energy in the region. The plant, which will be constructed through a partnership between Kenya and the Chinese-based Kaishan Group Co. Ltd., is a landmark in Kenya’s journey to achieving a 100% green national electricity grid by 2030. This bold project is not just a milestone for clean energy but also a powerful testament to Kenya's role as a leader in Africa’s green revolution. A Visionary Partnership for a Greener Kenya This groundbreaking endeavor is only possible thanks to Kenya’s supportive bu...

GDC Partners with EGENCO to Unveil Malawi's Geothermal Potential: A New Era in Energy Exploration By: Robert Buluma In a significant move towards diversifying Malawi's energy portfolio, the Geothermal Development Company (GDC) has joined forces with the Electricity Generation Company of Malawi (EGENCO) to explore the untapped geothermal resources within the Rift Valley. This partnership marks a pivotal moment in the country's energy landscape, bringing with it the promise of a sustainable and reliable power source derived from the earth's natural heat. Malawi's geothermal potential has long been hinted at by the presence of hot springs scattered throughout the Rift Valley, with temperatures ranging from 35 to 75 degrees Celsius. These natural indicators of geothermal activity have piqued the interest of energy experts and scientists, but it wasn't until 2023 that concrete steps were taken towards harnessing this potential. Now, under the guidance of Dr. Maxon Ch...

Baseload Capital Secures €53M in Series B Funding: A Major Leap for Geothermal Energy In a powerful stride towards revolutionizing the global energy landscape, Baseload Capital Sweden AB has successfully closed a €53 million Series B funding round. This monumental achievement signals a significant leap in scaling up geothermal energy—one of the world’s largest untapped and sustainable energy resources. The Power Behind the Funding Leading the charge in this Series B round is ENGF, a distinguished infrastructure fund backed by Ingka Investments, the financial powerhouse of the Ingka Group, the largest IKEA retailer. The round also attracted investments from energy technology giant Baker Hughes, Nefco, Breakthrough Energy Ventures, and Gullspång Invest. This robust investment lineup underscores the growing confidence in Baseload Capital's vision to unlock the geothermal energy sector's potential on a global scale. A Vision to Transform the Energy Sector Baseload Capital is not ju...

Exploring a Greener Future: CU Boulder and Eavor Technologies Partner for Geothermal Energy Breakthrough By: Robert Buluma Boulder, CO -  — In a pioneering move towards sustainable energy, the University of Colorado Boulder (CU Boulder) has been awarded nearly $700,000 through the Colorado Energy Office's Geothermal Energy Grant Program (GEGP).  This funding, announced by Governor Jared Polis in Pueblo, will support cutting-edge studies aimed at harnessing geothermal energy to reduce the university’s greenhouse gas emissions and energy costs. Eavor Technologies, a trailblazer in geothermal technology, joins CU Boulder in this ambitious endeavor. Their collaboration aims to explore the potential of geothermal energy to slash the university’s Scope 1 and 2 GHG emissions while providing a reliable, renewable energy source. "We are excited to contribute our expertise on geothermal to CU Boulder’s geothermal studies," said Jeanine Vany, Eavor co-founder and executive vice pres...