EarthStore by Sage Geosystems (supply: Sage GeoSystems through YouTube)
Sage Geosystems has raised $17 million in Collection A funding to help a first-of-its-kind Geopressured Geothermal System (GGS) in Texas.
Sage Geosystems introduced at the moment the primary shut of $17 million in Collection A funding led by Chesapeake Vitality Company (Chesapeake) and joined by know-how investor Arch Meredith, Helium-3 Ventures and with continued help from present buyers Virya, LLC, Nabors Industries Ltd., and Ignis Vitality Inc. The proceeds will absolutely fund the primary of its sort 3-MW business Geopressured Geothermal System (GGS) facility, which will probably be in-built Texas.
The 3MW business facility, referred to as EarthStore™, will use Sage Geosystems’ progressive know-how that harvests power from pressurized water saved deep underground. The ability will be capable to retailer power for brief and lengthy period intervals and might be paired with intermittent renewable power sources, together with wind and photo voltaic, to offer baseload, dispatchable energy, and inertia to the electrical grid.
“The primary shut of our Collection A funding and our business facility are vital milestones in our mission to make Geopressured Geothermal System (GGS) applied sciences a actuality,” stated Cindy Taff, CEO of Sage Geosystems.
“The success of our GGS applied sciences is just not solely crucial to Sage Geosystems turning into post-revenue, however it’s a vital step in accelerating the event of this proprietary geothermal baseload strategy. This progress wouldn’t be doable with out the continued help from our present buyers, and we sit up for persevering with this work with our new buyers.”
Sage Geosystems is within the course of of producing gear, with development of the 3MW facility starting in Q2 2024 and a focused fee date of This fall 2024. The precise location of the ability will probably be introduced quickly.
In 2023, Sage Geosystems efficiently demonstrated the EarthStore™ system in a full-scale business pilot venture in Texas. The pilot produced 200 kW for greater than 18 hours (long-duration) and 1 MW for half-hour (load-following), producing electrical energy with Pelton generators to run gear on location. The system has a roundtrip effectivity (RTE) of 70-75 p.c and water losses of lower than 2 p.c.
