The consortium aims to accelerate development of geothermal by removing barriers to growth, supporting targeted, high impact R&D, and deploying ‘first of a kind’ projects
Today, Project InnerSpace, a non-profit organization focused on removing barriers to exponential geothermal growth by 2030, announced that the US Department of Energy (DOE) has awarded a $165M Geothermal Energy from Oil and gas Demonstrated Engineering (GEODE) grant to a consortium formed by Project InnerSpace, the Society of Petroleum Engineering International (SPE), and Geothermal Rising (GR).
The grant will provide $10M in the first year, which will fund the consortium members, in collaboration with more than 100 partner entities, to develop a roadmap to accelerate the growth and development of geothermal, leveraging expertise, technologies, and methods from the oil and gas industry. From the second year onwards, the DOE will provide up to $155M in additional funds to finance execution of the plan.
The cross-industry collaboration formed by Project InnerSpace, the SPE, and GR will engage with both oil and gas experts, geothermal startups, and other stakeholders to build consensus around strategies and opportunities for geothermal innovation. The consortium will leverage the oil and gas industry’s 100+ years of experience and technological development in drilling and subsurface engineering to address and overcome challenges currently constraining geothermal development.
“We look forward to advancing our collective vision for the role geothermal will play in the future of energy through this powerful partnership,” said Jamie Beard, Founder & Executive Director, Project InnerSpace. “This is the geothermal decade. By 2030, with focused concerted action, we can catalyze geothermal into exponential growth. The key to achieving this is building consensus and forging forward looking collaborations between the oil and gas and geothermal industries, and we will get that work done through…
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