'I am obsessed with geothermal,' U.S. Energy Secretary Jennifer Granholm said this week.
Next-wave geothermal startup Eavor on Tuesday finalized a contract for roughly $96 million in grant financing from the EU Innovation Fund for a project in Germany, CEO John Redfern said in an interviewIt's the latest sign of growing support abroad and in the U.S. for geothermal power and heat.
"I am obsessed with geothermal," U.S. Energy Secretary Jennifer Granholm told a gathering of geothermal execs and advocates Tuesday in Houston.we covered their tech in 2021The total cost for the project, which broke ground last year, is over $300 million, with planned finance also coming from other banking and equity sources, Redfern said.
U.S. backing includes extended tax credits in the climate law and $74 million of Energy Department support in the 2021 bipartisan infrastructure law." to drive down costs of emerging tech as companies look to better exploit high-temperature underground aquifers and rock formations.At Tuesday's event with Granholm at Rice University, the trade group Geothermal Rising gave her a wish list of ways DOE can greatly bolster support.
They include a power purchase agreement with Nevada's NV Energy and work with Sonoma Clean Power in California.
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