Grant awarded for efforts to transform oil and gas wells to geothermal power generation
Transitional Energy has secured a $500k state grant for its work on conversion of oil and gas wellbores and associated infrastructure into geothermal power generation facilities.
In a release Colorado, U.S.-based Transitional Energy announced it has received a $500,000 Advanced Industries Grant from the Office of Economic Development and International Trade (OEDIT). OEDIT provides these grants to proof-of-concept and early stage companies to support the commercialization of innovative technologies and products that support the Colorado economy. Transitional Energy will use these funds to support the development and conversion of oil and gas wellbores and associated infrastructure into geothermal power generation facilities. Oil and gas production has long been a key industry underlying Colorado’s economic growth. As the state shifts to renewable power generation, Transitional Energy will utilize existing energy assets and provide a just transition for the associated workforce from fossil fuels to renewable energy.
“This grant provides meaningful funds to Transitional Energy to successfully execute our Phase 1 Site Selection Test. The information we learn during this phase will accelerate our business to commercial, grid-scale, low-temperature geothermal power generation. Colorado’s abundance of existing wellbores, available workforce, and a supportive regulatory environment make it the optimal state for us to develop this new renewable energy resource.” – Salina J. Derichsweiler, Co-Founder and CEO of Transitional Energy
From the OEDIT: “The AI Accelerator Grant program received 100 applications this grant cycle. Applications were reviewed by committees of business, technical and financial experts, as well as an industry-specific reviewer. 24 companies were invited to participate in a pitch session in October with the full AI committee. Final recommendations were approved by the Economic Development Commission on November 19, 2020.”
Transitional Energy (TE) “transitions” existing oil and gas wellbores into clean, baseload power generators by extracting thermal energy and integrating off-the shelf, modular power generation units. Leveraging 71+ years of combined experience across energy start-ups, environmental consulting, oil & gas, and natural resources finance, TE solves the major capital risk associated with traditional geothermal power sources by eliminating the need for drilling and exploration, and converts existing energy assets into baseload, renewable power.
TE is currently focused on developing its first asset in Colorado. Upon successful completion of the Site Selection Test, TE plans to develop additional assets to become a grid-scale power generation company with the ability to sell electricity into adjacent load centers in Colorado or adjoining power markets. As we transition into a carbon-free electricity future, we need all forms of renewable energy to power the world. Geothermal energy is clean, renewable, and, most importantly, baseload.
Source: Company release by email