Energy storage solutions are needed to help manage supply and demand with these intermittent power sources and geothermal storage is a clean and renewable solution that not only stores power but generates additional energy in the form of heat during the storage period
ZeroGeo Energy GmbH (ZGS) and Sage Geosystems Inc. (Sage) announce a Joint Venture Agreement (JVA) to jointly engage in the business of energy storage in the earth and/or geothermal baseload energy (district heating or electricity generation) in Europe under the name TerraThermo GmbH.
Solar power in Europe soared by almost 50% in 2022 and it is estimated that wind and solar power make-up approximately 25% of Europe’s electricity mix since start of the war in Ukraine. This increase in renewables is reflective of Europe moving away from their dependence on Russian natural gas. Energy storage solutions are needed to help manage supply and demand with these intermittent power sources and geothermal storage is a clean and renewable solution that not only stores power but generates additional energy in the form of heat during the storage period.
ZGS and Sage intend to partner in the delivery of long-duration energy storage, including mechanical and geothermal storage, and geothermal baseload power generation at competitive costs leveraging hot dry rock technologies that can be applied almost everywhere. These technologies will complement Europe’s focus on the energy transition and help accelerate their independence from natural gas.
ZGS has expertise in oil and gas, including leading capital-intensive energy projects. In addition, their regulatory and financing expertise will be critical in delivering these low carbon projects on an industrial scale.
Sage, a transformative geothermal development company, is developing innovative energy storage solutions deep in the earth, including pressure storage (called EarthStore) and geothermal storage. Sage’s geothermal storage system (called Battery+) both stores and generates energy from the earth’s heat, so the resulting efficiency is > 200%.
John Ashbridge, Chief Executive Officer, and Founder Director of ZeroGeo Energy said: “The next generation of geothermal power technologies will be critical in the energy transition, and we feel the Sage Geosystems technologies represent the best the industry has to offer. Our team is looking forward to working with Sage Geosystems.”
Cindy Taff, Chief Executive Officer of Sage, said: “ZeroGeo Energy is well-positioned to make a huge impact in the European renewable energy market and we are excited to work with them offering our next generation energy storage and geothermal baseload solutions. Sage appreciates the speed at which the ZeroGeo Energy team moves in making an impact to lower greenhouse gas emissions and we feel our teams are a perfect match.”
Source: Company Press Release