US DoE awards USD 165m for geothermal plan using oil and gas know-how

The US Department of Energy (DoE) has awarded a USD-165-million (EUR 149.4m) grant to a cross-industry collaboration for the development of geothermal energy using expertise, technologies and methods from the oil and gas industry.

The beneficiary of the grant is a consortium that includes non-profit organisation Project InnerSpace, the Society of Petroleum Engineering International (SPE), and Geothermal Rising (GR).

As part of the previously-announced Geothermal Energy from Oil and gas Demonstrated Engineering (GEODE) initiative, this trio of organisations will first receive USD 10 million for a collaboration with more than 100 partner entities to develop a roadmap for the project.

The remaining USD 155 million will be available to the consortium members from the second year onwards and will be used to finance the execution of the plan. The group’s objective over the next five years will be to address four key facets to accelerate geothermal development and production, namely technology transfer, demonstration and deployment, barriers to expansion, and workforce adoption.

(USD 1.0 = EUR 0.906)

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