DOE Offering $171M Funding for Next-Gen Geothermal Prospects
The U.S. Department of Energy is backing geothermal exploration as another path to future decarbonizing resources for electricity generation.
The DOE announced $171.5 million in funding opportunities for next-generation geothermal field-scale testing. This funding would support geothermal for both electricity generation and exploration drilling of promising sites.
“Work under this opportunity will directly support our commitments to advance energy addition, reduce energy costs for American families and businesses, and unleash American energy dominance and innovation,” said DOE Assistant Secretary of the Hydrocarbons and Geothermal Energy Office Kyle Haustveit in a statement. “Thanks to President Trump's America First Energy Agenda, these demonstrations and drilling activities will help us realize the enormous potential of geothermal to spur domestic manufacturing, enable data center growth, and provide affordable, reliable, and secure energy solutions nationwide.”
Geothermal involves converting heat from closer to the earth's core to heat water, create steam and generate combined heat and power from that.
The United States leads the world in geothermal electricity capacity with about 4 GW, while DOE analysis has revealed the potential for at least 300 GW of reliable, flexible geothermal power on the U.S. grid by 2050. Projects under this opportunity are expected to help derisk geothermal development approaches and locations nationwide to boost private investment, spur industry growth, and help realize the country’s geothermal potential.
While letters of Intent for the opportunity are expected on March 27, full applications are due on April 30.
Companies currently developing commercial-scale geothermal projects include Ormat Technologies, XGS Energy, Zanskar, Ameresco, Sage Geosystems and Brightcore Energy.