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Colorado-based Gradient Geothermal is overcoming these barriers with a novel yet reasonably practical approach – producing geothermalpower from produced fluids of existing wells in oil and gas fields. “In either case, we generate power, but we can really flexibly meet the goals of our clients,” said Burke.
Twenty-five startups joined our community in the final months of 2021, working on innovations as diverse as solar-plus-storage for blackouts, plastic and tire recycling, geothermalpower generation, and construction-less dam electrification. Fervo Energy is a next-generation geothermalpower developer. Electricity.
In 2022, 1,476 PJ (410 TWh) of geothermal energy has been used globally, a 44% increase from 2020, among them, the geothermal heating and cooling of buildings accounted for about 79% of the total. Sinopec has one key laboratory for geothermal resource development and owns over 130 technology patents.
Geothermal energy is climate tech but it isn’t new tech. Pulling heat from the subsurface of the earth has been a proven method for powering the cooling and heating of buildings for ~70 years. So he has a very rich history and almost 40 patents in the O&G space.
Together, these startups employ 629 people, have had 386 patents approved, and have raised over $300 million in follow-on funding from public and private sources since being accepted into the program. In 2021, the California Energy Commission approved follow-on funding for SCEIN to continue supporting energy entrepreneurs through 2026.
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