New investment to accelerate commercialization of geothermal
With a strong oil and gas sector base, the State of Texas is clearly seeing some exciting development related to a pivot from oil and gas to geothermal energy. This is demonstrated by several interesting new start ups entering the geothermal space, such as Sage Geosystems Inc. (Sage). Earlier this year, we reported on the company’s planned project to utilise a closed-loop system to derive geothermal energy near a military installation in Texas. The company is working on efforts that would adapt current drilling techniques and equipment to access heat in sedimentary formations around the world.
Now the company, together with Nabors Industries (Nabors), and Virya, LLC (Virya) announce the signing of a $12 million financing led by Nabors. Nabors and Virya will invest $10 million and $2 million, respectively.
Nabors is a leading provider of advanced technology for the global energy industry, including advanced drilling automation capabilities, directional drilling services, and performance tools. Virya, LLC is an investment company investing in high potential impact on eliminating global greenhouse gas emissions or sequestering CO2. The company is focused on fast global commercialization of baseload clean energy sources needed for the carbon-free energy transition.
June 30, 2021