Sage Geosystems, a geothermal power generation and storage firm, has successfully raised USD 17 million (EUR 15.7 million) in fresh funds to propel its ambitious project for a 3-megawatt (MW) commercial Geopressured Geothermal System (GGS) facility in Texas.
The infusion of new capital was achieved through the first close of a Series A financing round, with Chesapeake Energy Corporation spearheading the investment. Other notable backers include Arch Meredith and Helium-3 Ventures, alongside participation from existing investors such as Virya LLC, Nabors Industries Ltd, and Ignis Energy Inc.
See also: US Department of Energy Allocates $31 Million for Geothermal Innovation Projects
Established in 2020, Sage Geosystems is dedicated to advancing hot dry rock (HDR) technology, with a primary focus on achieving optimal temperatures ranging from 100 to 250 degrees Celsius at depths accessible through existing oilfield technologies.
Headquartered in Houston, Texas, the company is currently engaged in the manufacturing of equipment essential for its flagship GGS project, named EarthStore, which will harness energy from pressurized water stored deep underground. While the exact site location is yet to be disclosed, construction activities for EarthStore are slated to commence next quarter, with commissioning anticipated in the fourth quarter of 2024, according to a recent statement by the company.
See also: Globeleq and Geothermal Development Company Secure Funding for Menengai Geothermal Project in Kenya
Sage Geosystems' groundbreaking technology underwent rigorous testing last year as part of a pilot project, demonstrating its capability to produce 200 kilowatts (kW) of power for over 18 hours in long-duration operations and 1 MW for 30 minutes in load-following scenarios. Notably, the system exhibits an impressive roundtrip efficiency (RTE) ranging between 70% to 75%, with minimal water losses of less than 2%.
