Free Green Energy will provide required capital costs for this project and GWP will contribute its exclusive North American license for the technology. This project is expected to generate base load electrical power of up to 400MW. The total capital cost is estimated to be $280m.
In most cases, these will be end-of-life wells that have exhausted their hydrocarbon reserves. Each well will be re-engineered as a producing, high-pressure and high-volume water well. This energy flow passes through the proprietary Linear Driver Engine, which is then harnessed and converted to base-load electric power. Once the energy has been extracted the water is re-injected into a lower pressure rock formation in the earth.
Bob Jordan, president of Free Green Energy, said: “We are delighted to have concluded such a significant agreement which allows us to partner with important breakthrough technology. The cost to produce 1MW of power using this one of a kind technology is dramatically lower than any competing renewable energy system.
“The technology is highly scaleable and capable of producing vast amounts of inexpensive energy based on the existence of hundreds of thousands of dormant oil and gas wells across North America.”
