Mt Princeton Geothermal, Western Geothermal, and Reykjavik Geothermal have introduced a partnership to collectively develop a geothermal energy undertaking in Colorado.
Mt Princeton Geothermal (MPG) has introduced a partnership with Western Geothermal and Reykjavik Geothermal for geothermal exploration and improvement in Chaffee County, Colorado. The partnership was introduced in a neighborhood occasion the place representatives from the Icelandic Ministry of Vitality and Inexperienced by Iceland had been additionally in attendance, except for the representatives from all three firms.
Hank Held, CEO of Mt. Princeton Geothermal, famous that that is the primary foray of the Reykjavik Geothermal right into a geothermal funding in the US. “They’ve large investments in Africa and particularly in Europe and Turkey, however this would be the first funding in the US, so it was a chance for them to come back down and see.”
MPG at present holds a lease for 3000 acres of land within the Maxwell Park space close to the Misplaced Creek subdivision, the place a 10-MW binary geothermal energy plant had been proposed. The beforehand disclosed undertaking timeline indicated that drilling for the undertaking was focused to be performed by the 2nd to third quarters of 2024, and that two wells will likely be drilled to depths of 4500 to 6000 ft (1371 to 1828 meters).
MPG additionally obtained a $500,000 grant from the Colorado Vitality Workplace as a part of a wider grant award initiative which had been introduced only recently. The startup firm will now be matching the grant quantity and use this as seed cash for the drilling of the primary geothermal properly.
The occasion announcement was a chance for the area people to ask questions concerning the undertaking. The expertise of the Icelandic companions proved helpful in addressing the issues of native stakeholders. “They’ve quite a lot of expertise of this kind in different nations,” Held stated. “The questions being requested by the native opponents are the identical as these being requested by (individuals) in each nation by which they’ve developments. It’s not unusual.”
The subsequent step could be for the brand new companions to evaluation the drilling plan and apply for a drilling allow. “There aren’t any rules for our varieties of properly but,” added Held.
“We’re working with them to draft these rules, put them in place. … We’ve our drill plan that we’ve assembled based mostly on our data, our experience right here in the US. We would like our new traders to try it and provides us their enter on the drill plan, hopefully to enhance on what we’ve got collectively.”
Supply: Chaffee County Instances
