AltaRock Energy now seeking $5 million funding for Newberry project

AltaRock Energy now seeking $5 million funding for Newberry project Susan Petty and AltaRock team members on site at Newberry, September 2012 (source: AltaRock)
Alexander Richter 12 Nov 2013

AltaRock Energy is now seeking funding of $5 million to be able to continue its Newberry EGS project in Oregon, U.S. Strategic partnerships with energy companies or technology providers are an option, so Susan Petty, President of the company.

Currently the promising project of AltaRock Energy at Newberry in Oregon is on hold until the spring.

The company’s president, Susan Petty, is now working hard to secure funding for the project to continue the development of this enhanced geothermal systems (EGS) project by April next year.

In an interview with local paper the Bend Bulletin, Susan Petty says that she is trying to raise around $5 million for the next phase of the project, with a total project cost of around $40 million.

AltaRock has secured a $21.5 million grant from the U.S. Department of Energy, but is required to come up with the first chunk of money itself first.

Despite some minor technical issues and community concerns, the largest challenge for the company is to raise the required funding to be able to continue the project. Strategic partners are thereby an option, and Susan Petty names big energy companies or companies that build geothermal equipment.

“AltaRock has been successful in creating geothermal systems that support power production elsewhere, but it is trying to refine the process to make it a viable renewable energy option. “The big question is not can we do it, but can we do it cheap enough to make it economical and competitive,” Petty said.

Source: Bend Bulletin