GreenFire Energy Inc. and Stoic Transitional Resources Inc. have announced a landmark collaboration aimed at pioneering innovative geothermal energy solutions. Through a comprehensive cross-license agreement, which includes GreenFire's patented GreenLoop® technology and Stoic's patent-pending Flux Crossover technology, the companies are poised to repurpose non-productive geothermal wells and existing oil and gas wells, unlocking the vast potential of geothermal energy and supplying sustainable energy solutions to a diverse range of consumers.
The collaboration, which includes an equity position and a Board of Directors seat for GreenFire Energy at Stoic, underscores a shared commitment to driving progress in the renewable energy sector. With a primary focus on Alberta and British Columbia in Canada, Stoic is at the forefront of repurposing wells and developing geothermal projects, while also spearheading initiatives in New Zealand.
GreenFire Energy's cutting-edge GreenLoop technology, a versatile closed-loop advanced geothermal system (AGS), forms the cornerstone of the collaboration. Known for delivering resilient, sustainable, and scalable geothermal energy solutions, GreenLoop offers a stable and predictable cost of energy, catering to a wide range of applications including data centers, large-scale power consumers, industrial heat users, and sustainable agriculture operations.
Stoic Transitional Resources Inc. brings its Flux Crossover technology and extensive geothermal expertise to the partnership, further enhancing the performance of GreenLoop. Flux Crossover optimizes flow patterns, minimizes parasitic heat loss, and doubles heat transfer efficiency, offering a significant boost to overall system performance. Stoic's access to vital geothermal resources in Canada and New Zealand adds depth to the collaboration, ensuring a robust foundation for future endeavors.
Joe Tarrant, Co-Founder and Chief Commercial Officer of Stoic, emphasized the significance of the partnership in advancing clean energy solutions, stating, “Our commitment extends beyond innovation to fostering sustainable partnerships and empowering communities. Stoic's pioneering approach to clean energy aligns perfectly with our mission, emphasizing the value proposition for data center customers.”
Steven Brown, President of GreenFire Energy Inc., expressed enthusiasm for the collaboration, highlighting the potential for economic repurposing of idle geothermal wells and the expansion of implementations in geothermal fields. He stated, “Collaborating with Stoic's technology will enhance performance and broaden GreenFire Energy's solutions, further cementing our position as leaders in the geothermal energy sector.”
