A startup is looking to change the way we approach geothermal energy. Not only can its revolutionary process help cut energy production costs, but it can also help reduce planet-heating carbon emissions.
In a press release, Factor2 Energy announced that it has secured over $9 million in seed funding to continue developing its geothermal power generation system that uses carbon dioxide. Based in Germany, the company is aiming to build a "pilot power plant to demonstrate scalability."
According to Factor2 Energy, its technology can unlock geothermal power at shallower depths and lower temperatures than conventional methods, making more sites viable for energy harvesting.
The company's method utilizes CO2 as the "primary working fluid in the geothermal cycle, replacing water or brine," making the process more economically feasible. By using CO2, Factor2 Energy asserts that it can eliminate the need for subsurface pumps, reducing energy consumption.
The method also has the potential to eventually turn carbon capture and storage sites into energy-generating power plants. As noted by Kendra Rauschenberger, general partner at Siemens Energy Ventures, the $9.1 million in funding can further enhance the development of a more planet-friendly energy production source.
"I am pleased to see this technology progressing toward commercialization, following its development within Siemens Energy Ventures," Rauschenberger said in a statement. "Geothermal energy is a reliable and renewable power source, and we will work with Factor2 Energy to tailor our turbines to meet the specific needs of this emerging market."
Find the best HVAC solution to heat and cool your home more efficiently Mitsubishi Electric’s efficient heating and cooling HVAC solutions can help you stay comfortable no matter the weather or region. You can even regulate temperatures in each room with individually controlled all-electric heat pump systems. With an energy-efficient, all-climate system from Mitsubishi, you can reduce the amount of energy needed to heat and cool your home, receive up to $2,000 in tax credits, and get peace of mind knowing you’re choosing rigorously tested, high-quality products. |
Geothermal energy is capable of becoming a relatively stable renewable energy source with minimal environmental impact and lower carbon emissions than traditional power plants. Geothermal energy can also lead to cheaper energy in the long run, thanks to its low operating costs and efficient energy production process.
"Our approach enables emission-free, efficient, and baseload-capable electricity production, which is ideal for traditional oil and gas companies looking to diversify their operating assets," said Factor2 Energy CEO and co-founder Felix Boehmer. "And in fact, the entire system leverages proven technologies from the oil and gas sector, with its long history of drilling and geologic expertise."
|
Do you worry about companies drilling too deep into the ground? Click your choice to see results and speak your mind. |
Definitely 💯 
Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
