Chevron wants to innovate in geothermal energy
Chevron and Baseload Capital are partnering to investigate the potential for geothermal energy at a site in Nevada.
| Sectors | Geothermal Energy, Deep Geothermal Power |
|---|---|
| Themes | Innovation & Transformation, Sector Innovation |
| Companies | Chevron |
| Countries | United States |
Chevron and Baseload Capital are partnering to investigate the potential for geothermal energy at a site in Nevada.
A new partnership for Chevron
Chevron New Energies, the clean energy arm of Chevron, is forming a joint venture with Baseload Capital. The purpose of the company is to develop geothermal technology and projects in the United States. The first project Chevron and Baseload Capital identify is in Weepah Hills, Nevada, USA.
Baseload and Chevron state in a joint statement:
“The two companies will collaborate to generate geothermal opportunities, including identifying the best prospects for development, operation and taking the next generation of geothermal technologies from pilot to commercial scale.”
The nonprofit Clean Air Task Force says super hot rocks deep underground could generate steam. Thus, it will be possible to produce electricity.
An innovative system
To use this type of system, water would have to be injected at depths sufficient to bring the rocks to temperatures above 750 degrees F. The resulting steam would power a surface generator. This technology is more competitive than using natural gas, according to the researchers.
A test program in Iceland produces at least five times more energy than conventional geothermal energy. Less than 2% of the world’s total energy comes from geothermal energy. Researchers estimate that this system could be marketable as early as the 2030s.
