HOUSTON, March 2, 2023 (PR Newswire)– Geothermal Core Inc., a geothermal exploration and production power company, and GEG, a geothermal developer and EPC company, have entered into a definitive agreement to form a Joint Venture (“JV”). The primary focus of the JV is the development of clean baseload electricity in Texas powered by geothermal energy. The partners are now engaged with origination of the first utility-scale, geothermal power plant in the Lone Star State.
The partnership combines Geothermal Core’s subsurface engineering and operations expertise drawn from the oil and gas sector with GEG’s proven expertise in the design and construction of geothermal power plants. Strategically located near the global energy capital of Houston Texas, the initial mission at Geothermal Core is the successful deployment in the interior Gulf Coast region. This region has geothermal resources proven by deep vintage oil / gas wells and 3-D seismic studies. Researchers working for the JV are currently analyzing the most optimal project sites for geothermal plants near Houston and greater Texas.
“When looking for the ideal partner to deliver on Geothermal Core’s vision, the clear and obvious answer was GEG”, said Jay Patel, CEO, of Geothermal Core. “The combination of GEG’s proven experience in developing geothermal plants, integrated with Geothermal Core’s expertise in subsurface resource analysis and drilling in Texas, makes this partnership an excellent match.”
With headquarters in Iceland, the internationally recognized geothermal hub, GEG is an experienced geothermal developer and EPC company. It has built 16 power plants for national power utilities and has developed its own projects in the volcanic chain of South America, the African Rift Valley, the Pannonian Basin of Central Europe, and the Himalayan Region of India. GEG is now extending this expertise in geothermal power generation into geothermal direct use with cold storage facilities designed for long-term storage of fruit and other foods under the “GeoCool” brand. In addition to supporting food security and supply chain resilience, GeoCool controlled atmosphere facilities minimize post-harvest loss and maximize farm profits from market timing.
As stated by Snorri Einarsson, Chief Technical Officer, from GEG’s facilities in Iceland “The timing of our joint venture with Geothermal Core is compelling with many of the right conditions for geothermal to succeed in Texas.” Einarsson continued “The door opened by Geothermal Core to a state they know so well is a powerful first step. Their access to rich resource data accumulated from decades of oil and gas activity is critical for project origination. The recent release of The Future of Geothermal in Texas Report was also timely, compiling so much public information and further engaging the Texan oil and gas sector, a true global giant.”
Geothermal Core and GEG are excited to begin work and are currently evaluating multiple geothermal sites near Houston to deploy Texas’ first geothermal power plant. The prospect of leveraging oil and gas expertise to deliver truly green, baseload, and dispatchable electricity is the definition of the energy transition at work.
SOURCE Geothermal Core