Investment firms of ultrawealthy families maintained steady dealmaking in July with 57 direct investments, heavily favoring AI startups and clean energy firms driven by surging power demands.
Mazama Energy, a Texas company, achieved a world-record 331°C enhanced geothermal system at Newberry Volcano in Oregon, connecting two deep wells. This breakthrough demonstrates the potential for superhot rock to deliver significant clean power, with plans for hotter wells by 2026.
Geothermal energy is gaining bipartisan support in the US due to its low emissions and energy independence benefits. New technologies like enhanced geothermal systems (EGS) and advanced drilling methods, such as millimetre wave drilling by Quaise, aim to access deeper and hotter resources, potentially making geothermal more accessible and cost-effective globally.
Cornell University is pioneering a deep geothermal system, Earth Source Heat, to provide fossil fuel-free heating for its campus. This project, utilizing enhanced geothermal system (EGS) techniques adapted from oil and gas, aims to serve as a blueprint for scaling geothermal energy in the Northeast US, a region not traditionally suited for such power generation.
Cornell University is pioneering a deep geothermal system, Earth Source Heat, in upstate New York, aiming to provide fossil fuel-free heating for its campus by 2035. This project utilizes enhanced geothermal system (EGS) technology, adapting oil and gas techniques like fracking but with lower pressures and safer substances, potentially serving as a blueprint for wider adoption in the Northeast US.
Endurance Energy, founded by former SpaceX engineer Andrew Redd, has raised $54 million in Series A funding to harness deep ocean geothermal energy. The startup aims to provide baseload renewable power, addressing the limitations of other renewables and the challenges of traditional geothermal drilling.
An exhibition titled "Harmony and Prosperity: A Sustainable Dialogue on People, Environment, and Geothermal Energy" has opened, showcasing the research findings of Academia Sinica's geothermal team. The exhibition highlights the generation, storage, and utilization of geothermal energy, emphasizing its potential as a green power source for Taiwan.
