GTI awarded $1.25 M in Grants from the Colorado Energy Office

by Geothermal Technologies | May 24, 2024 | News

On May 24th, Colorado Governor Jared Polis announced a series of grants from the Colorado Energy Office (CEO) for the advancement of geothermal energy technologies in the State.  Geothermal Technologies, Inc. (GTI) was the recipient of two of those grants, totaling $1.25 M.

Polis Administration Announces $7.7 million in Awards for Geothermal Energy Projects | Colorado Energy Office

Grant #1:   Geothermal Exploration in the Denver-Julesburg Basin

  • Location: Northeast Colorado
  • Applicant: Geothermal Technologies, Inc.
  • Award: $249,775
  • Description:

Geothermal Technologies, Inc. has been awarded funding to explore the geothermal potential of the Denver-Julesburg Basin by leveraging advanced technology and expertise to identify hot sedimentary aquifers suitable for electricity generation.  The project goal is to minimize uncertainties associated with estimates of temperature, depth, aquifer, and sustainability of the geothermal resource across the basin.  This study information will support greater confidence in market utilization of geothermal energy throughout the region.

Grant #2:  Scalable Baseload Electricity Generation from Hot Sedimentary Aquifers 

  • Location: Pierce, CO
  • Applicant: Geothermal Technologies, Inc.
  • Award:  $1,000,000
  • Description:

Geothermal Technologies, Inc. has been awarded $1,000,000 to enable the drilling and confirmation testing phase of a flagship 3.2 MW geothermal power plant located at the Longs Peak Dairy in Weld County.  Upon successful demonstration, the facility aims to expand to a 20 MW facility with the potential of expanding to 180 to 200 MW of capacity.  The electricity project will be one of the first geothermal energy demonstrations in Colorado, enabling greater adoption of emerging technologies while providing opportunities for the oil and gas industry in the region.

“GTI has long recognized the potential for geothermal energy production in the State of Colorado.  This fact, coupled with Colorado’s global leadership in advancing geothermal energy technologies, the Governor’s “Heat Beneath Our Feet” initiative, and the support of the Colorado Energy Office, has led GTI to its decision to construct its flagship 3.2 MWe GenaSys™-1 Geothermal Power Plant in Colorado’s Denver-Julesburg Basin” says J. Gary McDaniel, CEO of GTI.   

“We have received the necessary deep-well geothermal drilling permits from the State and are now seeking an offtake agreement, aka Power Purchase Agreement, for the clean electricity that we will be generating – stay tuned!”  says Jim Hollis, COO of GTI.

 

About the Colorado Energy Office
The core of the Colorado Energy Office’s vision is inclusive, striving to reduce greenhouse gas emissions and consumer energy costs by advancing clean energy, energy efficiency and zero emission vehicles to benefit all Coloradans. Inherent in this vision is the necessity to drive changes in energy production and use, the built environment, land use and transportation systems in a way that not only reduces negative impacts from these systems but also counteracts racist and discriminatory policy by providing benefits to disproportionately-impacted communities, people of color and underserved populations. 

 

About Governor Polis’ “Heat Beneath Our Feet” Initiative
Governor Jared Polis of Colorado launched The Heat Beneath Our Feet (HBOF) as his 2023 Western Governors Association (WGA) Chair Initiative. The initiative examines opportunities for and barriers to the increased deployment of geothermal energy technologies for both electricity generation and heating and cooling systems in western states, which contain the vast majority of high-yield geothermal energy capacity in the U.S.

 

About Geothermal Technologies, Inc.:
Geothermal Technologies (GTI) was founded in 2018 to commercialize technology that was developed at the Johns Hopkins University.  GTI’s GenaSys™ Geothermal Energy Harvesting System revolutionizes how we harness renewable energy.  GTI’s innovative technologies, when coupled with recently developed oil & gas and power generation technologies, enable the company to produce clean, renewable, low cost, baseload electricity, throughout the world, for decades to come.