Sage Geosystems, a prominent figure in the geothermal energy sector, has secured a total of $17 million in Series A funding to advance the development of its pioneering Geopressured Geothermal System (GGS) technology in Texas.
Leading the funding round were Chesapeake Energy Corporation, and esteemed technology investor Arch Meredith, Helium-3 Ventures, with ongoing support from existing investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc. The funds raised are earmarked for the construction of a 3-MW commercial Geopressured Geothermal System (GGS) facility in Texas, which will be known as EarthStore™.
The EarthStore™ facility will harness cutting-edge technology developed by Sage Geosystems to extract energy from pressurized water deposits located deep underground. Moreover, the facility has the capacity to store energy for both short and extended durations, and can be integrated with intermittent renewable energy sources such as wind and solar to provide a reliable source of baseload power to the electric grid.
Cindy Taff, CEO of Sage Geosystems, emphasized the significance of achieving Series A funding closure and the impending commencement of construction for the commercial facility. Taff underscored the importance of advancing GGS technologies to expedite the progress of geothermal baseload energy. She also expressed gratitude to the company’s investors for their steadfast support in reaching this pivotal milestone.
Presently, the company is engaged in the equipment manufacturing process, with plans set to commence the construction of the 3MW facility in Q2 2024, and a targeted commission date of Q4 2024. The specific location of the facility is anticipated to be disclosed in the near future.
A noteworthy accomplishment in 2023, Sage Geosystems effectively demonstrated the EarthStore™ system in a full-scale commercial pilot project in Texas. The project showcased the system’s ability to generate 200 kW for over 18 hours (long-duration) and 1 MW for 30 minutes (load-following), employing Pelton turbines to produce electricity on site. Additionally, the system demonstrated an impressive roundtrip efficiency (RTE) of 70-75 percent and water losses of less than 2 percent.
The successful conclusion of the Series A funding round and the imminent construction of the EarthStore™ facility signify significant progress in the realm of geothermal energy. Sage Geosystems remains dedicated to fostering innovation in sustainable energy solutions, with a primary focus on harnessing geothermal resources to meet the escalating demand for clean and dependable power.
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