Finnish geothermal heat player Quantitative Heat Oy (QHeat) has applied for a patent for their unique technology for harnessing geothermal energy from medium-deep thermal wells. With the technology proven to work, QHeat’s goal is to make it available to as many operators as possible and generate revenue streams thought patent-based licenses.
“The biggest climate action that our company can do is to speed up the development of the entire geothermal energy industry. Our interest is to make the technology available to as many operators as possible with the help of licenses for our patents”, QHeat’s CFO Hanna Sölli describes the company’s business idea.
The method includes storing geothermal heat energy in the soil and utilizing the heat energy from the soil. The patent includes an insulated pipe, with which the direction of the coaxial flow can be changed depending on the purpose of use and the entire depth of the heat well can be utilized for efficient heating and cooling. The heat distribution network according to the patent in question is currently being implemented in Finnoo.
A patent has been applied for in six countries, and it has already been granted in Canada and Russia. An approving interim report has been received in Finland.
“Patenting protects the resources we use for product development and research and offers a significant business opportunity. In addition to generating an income stream, patenting is also a means of selecting which types of actors can use the technology. Partners can be evaluated using criteria based on ethics or ecology. QHeat’s purpose is not to be a drilling company, but we want to implement a geothermal energy breakthrough in cooperation with as many operators as possible,” Sölli states.
Earlier this year, we reported on QHeat securing a EUR 3.3 million capital loan from Finland’s Climate Fund for the purchase of new and more efficient drilling equipment.