EarthBridge Energy acquires Texas state-issued Geothermal lease
Texas General Land Office issues Geothermal Lease to EarthBridge Energy.
EarthBridge Energy has recently acquired a strong acreage position in West Texas where we plan to deploy our GeoBattery™ energy storage technology as part of a new, hybrid energy development combining additional, onsite renewable resources. EarthBridge Energy’s CEO, Derek Adams, commented that, “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.”
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.
ABOUT EARTHBRIDGE ENERGY
EarthBridge Energy, a Texas-based geothermal company, is enabling a smooth transition to renewable energy by developing a grid-scale energy storage technology. The GeoBattery™ uses a subsurface reservoir to safely store waste electricity from wind, solar, or the grid for when power is needed most. Development of this long duration storage technology furthers EarthBridge Energy’s mission of achieving a 100% renewable energy future. To explore more, please visit earthbridgeenergy.com.
