FutEra Power Corp. ("FutEra") is pleased to announce the commencement a Closed Loop Geothermal pilot project in Swan Hills, Alberta, (the "Project") to test a proprietary Advanced Geothermal System ("AGS") called PowerFlowTM.
FutEra has been awarded a grant from Emissions Reduction Alberta ("ERA") under the "Partnership Intake Program" to continue its leadership in an emerging geothermal industry. This joint effort builds on the success of FutEra's first collaboration with both ERA and AIberta Innovates, and NRCan federally, to build the first geothermal co-production power facility at Swan Hills, which went into commercial operations in September of 2022.
ERA has provided access to a grant amount of up to $5MM for the Project. FutEra, its Board of Directors and shareholders, are fully committed to execution of the $12MM Project through construction and operations. The Project will kick off in the first quarter of 2026 with FEED engineering. The preliminary schedule targets the start of operations in late 2026/early 2027. As part of the project, FutEra will complete the first large bore drilled geothermal well in Alberta.
"FutEra is building on its credibility as a leader in Canadian geothermal power and heat development. Using the knowledge and learnings gained through energizing the first geothermal power plant in Alberta and Canada, FutEra plans to improve project commercial outcomes and to make geothermal everywhere' a reality. Geothermal energy is the renewable cousin of oil and gas' and FutEra will bring to bear the decades of oil and gas innovation with application to producing geothermal energy at the well head using a PowerFlowTM approach.
FutEra's growth plan includes working hand in glove with conventional energy producers to create decades of clean power and heat advantaged by legacy existing oil and gas infrastructure to decarbonize energy production in Canada, and the world."
"It's not just what we do, it's how we do it. FutEra has implemented strong governance practices, building a world-class company ready for a global market. Our executive team, board members and employees have created a positive culture, poised for growth. It's a place where real creativity and innovation can grow, all while keeping our people safe and engaged while protecting our shareholder investment."
Patricia McLeod, KC, ICD.D, FutEra Board Chair
"FutEra's project leverages Alberta's expertise to turn end-of-life oil and gas wells into zero- emission electricity and heat. By repurposing existing infrastructure, it cuts methane emissions, avoids new environmental impacts, and demonstrates how current assets can deliver clean, scalable energy and skilled jobs for Albertans."
Justin Riemer, CEO, Emissions Reduction Alberta
