EarthBridge Energy secures geothermal lease to develop energy storage technology
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Carlo Cariaga
2 May 2023
EarthBridge Energy has secured a geothermal lease in West Texas to deploy energy storage technology as part of a hybrid energy development.
Texas-based EarthBridge Energy has announced acquiring a Geothermal Lease from the Texas General Land Office. The company plans to use this position in West Texas to further develop and deploy the patent-pending GeoBattery™ energy storage technology as part of a new, hybrid energy development combining additional on-site renewable resources.
“This marks an important step in EarthBridge’s strategy to deploy geothermal energy storage assets across the US and adds a key project to our portfolio,” stated Derek Adams, CEO of EarthBridge Energy.
In its first application, the system will absorb excess electricity from wind and solar farms and store it for 10-1000+ hours, feeding it back to the grid when demand rises. The system stores heat in subsurface reservoirs and converts it back to electricity using a high-efficiency turbine. This novel energy storage system brings the installed cost of long duration energy storage (LDES) below $10/kWh and enables the deployment of 100% carbon-free energy at scale.
EarthBridge Energy is also a part of a research project being headed by the National Renewable Energy Laboratory (NREL) that aims to explore novel means of capturing excess energy production using geothermal reservoirs.
Source: EarthBridge Energy
