GreenFire Energy Inc. and GeoTek Energy, LLC announced today (5/27) an agreement whereby GreenFire Energy will acquire an exclusive license to GeoTek's patents relating to closed-loop well technologies for the geothermal and oil and gas industries. Additionally, GeoTek will transfer ownership of its sophisticated closed-loop thermodynamic model called THYMO. The agreement expands GreenFire Energy's expertise and intellectual property in closed-loop well technologies for power generation and high-value industrial applications.
GeoTek's patented technologies exploit the thermosiphon effect to power downbore pumps, thereby avoiding the significant parasitic power loss associated with line shaft and submersible pumps. When combined with GreenFire Energy's GreenLoop technology, GeoTek downbore pumps can improve the profitability of new retrofit oil and gas wells.
Since its inception, GreenFire Energy has focused on the development of advanced thermodynamic models for closed-loop wells and recently verified the accuracy of those models at its GreenLoop technology demonstration in Coso, California. The company believes that the addition of GeoTek's THYMO modeling capabilities will further enhance techno-economic estimates of well performance and optimize the design of wells prior to project construction.
GeoTek Energy, LLC was founded by oil and gas industry experts in Frisco, Texas. The company had the foresight to leverage its expertise to develop and patent several types of thermosiphon-driven systems for use in both the geothermal and the oil and gas industries. "We were ahead of our time in seeing the benefits of geothermal energy and developing technology and processes to access the energy from the same environment as oil and gas," says Craig Campbell, founder of GeoTek Energy, LLC. "Our technology is a unique addition to GreenFire Energy's closed-loop technology portfolio as it is aimed at geothermal opportunities in the oil and gas sector. It has the capability to add green energy to the grid and to considerably reduce the cost of pumping appropriate oil and gas wells," added John Wilkinson, GeoTek Energy, LLC chairman.
"We see the agreement with GeoTek Energy as significant to our strategy in two key respects: First, it broadens our capabilities in closed-loop wells, especially relating to oil and gas wells, and confirms GreenFire Energy as the premier source of closed-loop expertise for power generation and high-value industrial applications. Second, this deal further extends our leadership in the development, ownership and commercialization of intellectual property relating to closed-loop wells," says Joseph Scherer, president and ceo of GreenFire Energy.
About GreenFire Energy Inc.
GreenFire Energy® develops and deploys its GreenLoop technology to significantly expand access to geothermal energy for economic power generation and industrial applications. GreenLoop technology harvests previously inaccessible geothermal energy for transport to the earth's surface. GreenLoop's innovative, closed-loop solutions extract renewable energy from the hot dry rock regions that contain most geothermal heat and from unproductive hydrothermal wells. Abundant geothermal energy can generate continuous clean power and precisely supply heat and pressure for industrial applications such as, mineral extraction and hydrogen production. GreenLoop technology includes advanced thermodynamic models that are essential for accurate resource assessment and optimal project design.
GreenLoop precisely delivers cost competitive, continuous, flexible geothermal energy with unrivaled environmental advantages. It was successfully demonstrated at the Coso geothermal field in Coso, California, USA in 2019. This technology is the result of years of research conducted in concert with U.S. National Laboratories, major universities, and eminent experts in multiple scientific disciplines in conjunction with grants from the U.S. Department of Energy and the California Energy Commission. GreenFire Energy is headquartered in Emeryville, California, USA. For more information visit www.greenfireenergy.com.
Media Contact:
Hollis Chin
VP Marketing
GreenFire Energy
hollis.chin@greenfireenergy.com
