New startup looking at tapping into abandoned oil & gas wells for geothermal power
With a pilot project possibly kicking off this summer in California, Eden GeoPower, a new technology startup by MIT graduates is looking at utilising abandoned oil & gas wells for geothermal power generation.
A new technology company is looking to develop geothermal power projects from abandoned oil wells. Founded by graduates of the Massachusetts Institute Of Technology (MIT), Eden GeoPower is testing new technology that is converting lower temperature heat from oil and gas wells that are exhausted into electricity.
Utilising existing wells for geothermal power generation has been discussed again and again and numerous research has been done. The process would allow cutting cost in geothermal development extensively, even up to 60% as estimated by the company.
With more than 3 million retired oil and gas wells in the United States, the oil & gas industry faces a multitude of challenges of fines and capping cost. Utilising the wells therefore is not only in the interest of the companies that drilled those wells in the first place, but also to technology plays and developers like Eden GeoPower.
In a statement to Oil & Gas Insider, Ammar Alali, company cofounder and Chief Marketing Officer, said the company is now getting permits and funding necessary, for a pilot program that could start this summer in California.
While most of the wells that could be of interested are located in the oil & gas country in Texas, the company chose California due to better options to connecting to the power grid.
Clearly an interesting technology play that we will follow.