Permian Energy Development Lab’s Post

Fervo Energy, a leader in next-generation geothermal power, has secured $244 million in its latest funding round, led by Devon Energy, an Oklahoma-based shale oil and gas giant. This substantial investment underscores the growing demand for clean, reliable energy solutions, with geothermal technology at the forefront. Fervo, established in 2017, has made significant strides in carbon-free energy production, notably through its successful projects in Utah and Nevada, including a collaboration with Google. This new influx of capital, contributed to by a diverse group of investors including Galvanize Climate Solutions, John Arnold, and Mitsubishi Heavy Industries, will further propel Fervo's innovative work, particularly at the Cape Station project expected to deliver electricity by 2026. The funding not only demonstrates confidence in Fervo's groundbreaking approach to geothermal energy but also aligns with broader efforts to tackle the global energy trilemma, offering a scalable solution to the demand for affordable, reliable, and clean power. https://lnkd.in/g7JYYvx2

Exciting to see the recent raise from Fervo Energy! The real opportunity with geothermal is the consistent baseload power combined with the ability to scale rapidly using existing oil and gas teams, capital, and learnings https://lnkd.in/gn95_B7C

Whitebark Energy has expanded its portfolio with the first steps towards a more sustainable future with the acceptance of Geothermal Exploration application EPG2037. Geothermal energy is key to the renewable energy transition being the only firming renewable source and will be an integral piece of the generation mix. #renewableenergy #geothermal #geothermalenergy #greenenergy #sustainable

#Bougainville #News ABG partners with Stellae Energy Ltd to explore the potential for advancement of sustainable geothermal energy projects The Autonomous Bougainville Government (ABG) has announced the signing of a Memorandum of Understanding (MOU) with Stellae Energy Ltd (Stellae), a UK-based Green Energy Solutions and Assets company. This partnership marks a significant achievement in Bougainville's journey towards energy independence and economic sustainability through the exploration of the region’s volcanic geothermal resources. The MOU outlines a working cooperation between Stellae and the ABG through the Department of Mining and Petroleum (DMP) and the Bougainville Power and Water Corporation (BPWC), to identify and develop potential geothermal energy sites across the island. This initiative is part of Bougainville's broader energy security strategy to harness its natural resources in a way that benefits local communities, fosters economic growth, and contributes to global efforts to combat climate change. “It is the Bougainville energy policy strategic view that green energy investment and development is encouraged by the government,” said President Ishmael Toroama who is also the Minister responsible for Mineral and Energy Resources. “This partnership is a testament to Bougainville's commitment to sustainable development and can provide the basis for an industrial revolution in Bougainville in the near future. By tapping into solar energy and now our geothermal resources, we not only aim to secure a reliable and clean energy source for our people but also aim to reduce our dependency on imported fossil fuels, paving the way for a greener and more self-sufficient Bougainville,” he said. Stellae Energy Ltd, known for its innovative approach to renewable energy, will lead the exploration efforts in collaboration with local stakeholders. The project will be rolled out in phases, beginning with a comprehensive Exploration Screening Study. This study will assess the viability of various geothermal sites and lay out a clear roadmap for future development. This opportunity has potential to bring electricity to local communities and businesses and also look into producing Green Hydrogen; this alternative energy carrier can be used to power transportation and other sectors, further supporting sustainable development in Bougainville. In addition to providing clean energy, this opportunity when progressed successfully will create jobs, stimulate local economies, and position Bougainville as a future leader in renewable energy within the Pacific region. https://lnkd.in/ghAZ8mrt

A new partnership announced between the Permian Energy Development Lab and TEVERRA, a technology-focused energy company working on #geothermal energy, #carbonstorage, #energystorage and lower carbon intensity oil and gas solutions...the memorandum of understanding reflects a shared commitment to creating value for #permianbasin communities and the U.S. economy. https://lnkd.in/gqAF6Fk3

𝙎𝙤𝙪𝙩𝙝𝙚𝙧𝙣 𝘾𝙖𝙡𝙞𝙛𝙤𝙧𝙣𝙞𝙖 𝙀𝙙𝙞𝙨𝙤𝙣 𝙎𝙞𝙜𝙣𝙨 𝙃𝙞𝙨𝙩𝙤𝙧𝙞𝙘 320-𝙈𝙒 𝙂𝙚𝙤𝙩𝙝𝙚𝙧𝙢𝙖𝙡 𝘿𝙚𝙖𝙡 𝙬𝙞𝙩𝙝 𝙁𝙚𝙧𝙫𝙤 𝙀𝙣𝙚𝙧𝙜𝙮 Southern California Edison (SCE) has signed two 15-year power purchase agreements with Fervo Energy for a total of 320 MW, the largest-ever geothermal PPA. The power will come from Fervo's 400-MW Cape Station project in Utah, with the initial 70-MW phase operational by 2026 and the second phase by 2028. This deal will power 350,000 homes in Southern California and support the state's transition away from fossil fuels. Enhanced geothermal systems provide a reliable base load, complementing wind and solar resources. Fervo's use of advanced drilling techniques has reduced costs and improved efficiency, making large-scale agreements like this feasible. 𝑾𝒉𝒂𝒕 𝒂𝒓𝒆 𝒚𝒐𝒖𝒓 𝒕𝒉𝒐𝒖𝒈𝒉𝒕𝒔 𝒐𝒏 𝒕𝒉𝒊𝒔 𝒈𝒓𝒐𝒖𝒏𝒅𝒃𝒓𝒆𝒂𝒌𝒊𝒏𝒈 𝒅𝒆𝒂𝒍 𝒇𝒐𝒓 𝒓𝒆𝒏𝒆𝒘𝒂𝒃𝒍𝒆 𝒆𝒏𝒆𝒓𝒈𝒚? #RenewableEnergy #Geothermal #SustainableFuture #CleanEnergy #UtilityDive https://lnkd.in/gzj6PgBj

Join the conversation as geothermal energy rises to the surface and Baker Hughes takes center stage at the Offshore Technology Conference (OTC). Read this Hart Energy article to learn more about our commitment to driving innovation and sustainability in the energy industry: https://lnkd.in/d99S3ziN #Geothermal #WeAreBakerHughes #Offshore #OTC2024

Join the conversation as geothermal energy rises to the surface and Baker Hughes takes center stage at the Offshore Technology Conference (OTC). Read this Hart Energy article to learn more about our commitment to driving innovation and sustainability in the energy industry: https://lnkd.in/dD6eDQfm #Geothermal #WeAreBakerHughes #Offshore #OTC2024

🌍🔋 U.S. Energy Investment in Latin America to Counter China 🌿⚡ Our latest article by Felicity Bradstock explores the U.S. strategy to enhance energy investments in Latin America, aiming to counter China's dominance. With the Covid-19 pandemic highlighting the need for robust supply chains, the U.S. is focusing on renewable energy projects and critical mineral mining in the region. This move is essential for securing America's energy future and supporting the green transition. Dive into the strategic investments and their implications for the global energy market. Read more at https://buff.ly/4cWvtfj #EnergyInvestment #RenewableEnergy #USvsChina #GreenTransition #LatinAmerica #CleanEnergy #SupplyChain #GlobalEnergy #EnergySecurity

Did you know? According to the EIA, in 2023, geothermal power plants in the U.S. produced about 0.4% (17 billion kilowatthours) of the nation's utility-scale electricity. Geothermal energy is poised for growth as a reliable and sustainable source of clean power. At Cinco Energy, we're committed to supporting the development of geothermal projects to unlock its full potential. Want to learn more? Visit our site to see how we're driving the future of renewable energy: https://hubs.li/Q02QjNsX0 #GeothermalEnergy #CleanEnergy #Sustainability #CincoEnergy #RenewableEnergy #EnergyTransition