GreenFire Energy Inc. announced today (Aug 9) that it has entered a representation agreement with Taiteck Co., Ltd of Taiwan. Under this agreement Taiteck will secure and service business in Taiwan on behalf of GreenFire Energy. Established in 1982, Taiteck is experienced in providing energy engineering services including oil and gas engineering, power system, project management, and consultation in Taiwan. Taiteck's technical engineers have more than 25 years of professional experience in power construction management, LNG, onshore and offshore drilling, geothermal drilling, and offshore engineering supervision.
The need for geothermal power development in Taiwan is becoming imperative; as a large island, the country must meet 100% of its electricity demand locally. Fortunately, Taiwan is located along the Ring of Fire and is rich with geothermal resources. A recent study concluded that Taiwan has sufficient geothermal potential to generate an estimated 31.8 GW of electricity, which is equivalent to the country's current total baseload power consumption.1 Geothermal resources are also widely dispersed across the country and could enable a decentralized power grid with regions becoming more energy independent. While only 6.6% of the current total electricity supply is from renewable and semi-renewable energy resources today, government incentives and cost-competitiveness are spurring investment, including geothermal projects.
"GreenFire Energy is well-known for its advanced closed-loop technology and its business model to accelerate geothermal projects. There is tremendous interest in GreenFire Energy's technology and a significant demand for geothermal energy projects in Taiwan. Taiteck has participated in various engineering projects of CPC Corporation, Taiwan Power Company, Formosa Petrochemical Corporation, and Taiwan EPC Companies for more than 30 years in Taiwan. Taiteck has considerable strength to introduce GreenFire Energy's solutions to Taiwan," said Johnny C.Y. Liu, president of Taiteck Co., Ltd.
"GreenFire Energy has interest from geothermal projects throughout the globe. To scale our business and accelerate geothermal installations, we partner with companies that have the expertise and relationships to develop large geothermal projects. We are confident that Taiteck has the business and technical capability to help us grow geothermal in Taiwan," said Joseph Scherer, chief executive officer, GreenFire Energy Inc.
About GreenFire Energy© Inc.
GreenFire Energy develops and implements innovative geothermal technology to accelerate the world's transition to clean, continuous renewable energy. GreenFire's GreenLoop is closed-loop geothermal technology that extracts and transports heat from deep in the earth to be used for geothermal power generation. GreenFire Energy delivers fast, low-cost, and high ROI geothermal retrofit, expansion, and greenfield projects. This scalable business model has led to commercial relationships with many of the world's premier geothermal operators.
GreenFire Energy's technology has been developed with grants from the U.S. Department of Energy, the California Energy Commission, and research conducted with U.S. National Laboratories, major universities, and eminent experts. The company has extensive international patents. GreenFire Energy is headquartered in the San Francisco Bay Area in California, USA. www.greenfireenergy.com
About Taiteck Co., Ltd
Taiteck Co., Ltd is a Taiwan-based company committed to providing energy engineering services to customers in oil and gas, and energy-related industries. The services cover well drilling design and planning, provision of drilling-related materials, equipment and tools, technical supervision of on-site wells, various logging, tests and analysis, power systems, and technical assessment and consultation through the customers' projects.
Taiteck Co., Ltd has cooperated with many well-known international companies for years. Introducing and providing high-quality products for diminishing risks and improving the efficiency of customers' engineering projects has always been Taiteck's insistence.
Media Contact:
Hollis Chin
VP Marketing
GreenFire Energy Inc.
+1.888.899.7363
Johnny C. Y. Liu
President
Taiteck Co., Ltd
+886-2-2758-8589
1 A Geothermal Solution to the Problems and. Risks in Taiwan's Electricity System, Taiwan Insight, August 18, 2021.
