A new cross-industry collaboration, formed by Project InnerSpace, the Society of Petroleum Engineering International (SPE), and Geothermal Rising (GR), has announced a $165 million grant from the US Department of Energy (DOE) to develop a roadmap for exponential geothermal growth by 2030. The consortium aims to remove barriers to geothermal growth by leveraging expertise, technologies, and methods from the oil and gas industry. The grant will fund the consortium members, who will work alongside over 100 partner entities to develop a plan to accelerate geothermal growth and development.
Jamie Beard, Founder & Executive Director of Project InnerSpace, emphasized the importance of this partnership for advancing the vision of the role geothermal energy will play in the future of energy. “This is the geothermal decade,” he said. “The key to achieving exponential growth by 2030 is building consensus and forging forward-looking collaborations between the oil and gas and geothermal industries, and we will get that work done through this partnership. All hands on deck.”
Over the next five years, the consortium will focus on four key facets to accelerate geothermal development and production: technology transfer, demonstration and deployment, barriers to expansion, and workforce adoption. Within those facets, the consortium will focus on various pain points constraining geothermal growth, including research and development gaps and roadmapping, stakeholder engagement, funding for keystone projects, and consensus building amongst ecosystem stakeholders.
Bryant Jones, Executive Director of Geothermal Rising, said, “We really can use the earth to save the earth if we work together to make it happen.”
The consortium's ultimate objective is to place geothermal into its proper and central role as the ‘go-to' secure, reliable, safe, and clean energy source of the future. John Boden of SPE also spoke on the potential of geothermal energy to become a key part of the global energy mix, stating that “the oil and gas industry has significant contributions it can make towards achieving that goal. We are excited to be part of this groundbreaking collaboration.”
See also: Fervo Energy and Devon Energy Partner to Advance Geothermal Technology with $10M Investment
Accomplishing these goals will significantly contribute to achieving the cost targets outlined in the DOE's recently announced geothermal EarthShot, bringing down the costs of Enhanced Geothermal Systems (EGS) by 90%. With this grant and the support of over 100 partner entities, the consortium has an opportunity to overcome barriers to geothermal growth and make a significant impact in the transition towards a sustainable energy future.
