Correction: GreenFire Energy buys CO2 working fluid technology license from AltaRock
Alexander Richter
15 Jan 2010
GreenFire Energy (GreenFire) announced that it has entered into a technology sublicense agreement with AltaRock Energy (AltaRock) for the core patent for using CO2 as the working fluid in a geothermal energy plant.
According to a recent release by the company, “GreenFire Energy (GreenFire) announced that it has entered into a technology sublicense agreement with AltaRock Energy (AltaRock) for the core patent for using CO2 as the working fluid in a geothermal energy plant.
The technology, which GreenFire refers to as “CO2G(TM),” will produce renewable geothermal energy while also sequestering large volumes of CO2. GreenFire intends to be the first company in the world to commercialize this technology. The sublicense gives GreenFire exclusive rights to the technology across a broad region centered on the St. Johns Dome, located in Apache County, AZ and Catron County, NM. It also gives GreenFire national non-exclusive access to the technology for the purposes of developing other sites, some of which have already been identified.
GreenFire intends to first use the technology at the St. Johns Dome. In September 2009, GreenFire entered into a joint venture agreement with Enhanced Oil Resources, Inc. (EORI), which holds extensive CO2 leases at the dome and which granted GreenFire exclusive access to CO2 within the dome for CO2G(TM) development.
Mr. Mark P. Muir, President of GreenFire, comments, “CO2G(TM) is an important extension of geothermal technology that has great potential benefit. With this sublicense, we believe we will be able to move rapidly toward commercialization of CO2G(TM).”
Source: Trading Markets
