GreenFire Energy June Updates: How Geothermal Energy Could Power The Future

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Jun 29

We are excited to share the new CNBC video “How Geothermal Energy Could Power the Future.” Katie Brigham, a CNBC producer, reached out to Joseph Scherer, CEO, GreenFire Energy, in early April to learn about geothermal and GreenFire Energy’s solutions. The powerful video features Joseph Scherer and other industry experts: Jamie Beard, GEO, University of Texas at Austin; Catherine Hickson, Geothermal Canada; Tim Latimer, Fervo Energy; John Redfern, Eavor Technologies; and Barbara Burger, Chevron Technology Ventures.

From the video: “Geothermal anywhere is futuristic. Geothermal in great locations is a present opportunity that can be expanded dramatically. And with retrofits, the capital expenditures are relatively low and the payback is relatively fast because you don’t need to drill a well,” says Joseph Scherer. “Geothermal at scale, leveraging the entire oil and gas industry, literally solves energy,” says Jamie Beard.

Our View of the Industry

In May the International Energy Agency released its roadmap to Net Zero by 2050. Getting to net zero requires a “massive deployment of all available clean energy technologies–such as renewables, EVs, and energy efficient building retrofits–between now and 2030 and clean energy investment to more than triple by 2030.”

The effort to propel geothermal is making headway in many countries. Japan’s government is relaxing regulations to push geothermal forward, as part of a broader renewable energy initiative. The UK is looking at the decarbonization opportunities of geothermal energy. Geothermal energy can make a significant contribution to reducing CO2 according to a study released by researchers of the University of Bayreuth in Bavaria, Germany.

While we are seeing significant interest in geothermal investment, geothermal energy, with its tremendous potential to produce clean energy, is currently underutilized. Here is a cogent article on the issues that the industry needs to address.