BALTIMORE--(BUSINESS WIRE)--Geothermal Technologies, Inc. (GTI) is pleased to announce that it has filed for drilling permits with the Division of Water Resources in the State of Colorado. GTI seeks to drill geothermal wells for the purpose of generating utility-scale electricity in the Denver-Julesburg (D-J) Basin, Weld County, Colorado.
“This is an important step forward in our plans to construct a first-of-its-kind geothermal power plant in the D-J using GTI’s proprietary suite of technologies,” said J. Gary McDaniel, CEO of GTI. “We are excited about the potential that exists in Colorado for the development of advanced geothermal power. GTI has calculated that the thermal prospect in the DJ Basin has over 5 GW of geothermal energy that can be harvested using our technology. Our Field Development Plan for generating power indicates we can install up to 400 MW of baseload electricity production.”
GTI’s proprietary GenaSys™ Geothermal Energy Harvesting System ushers in the latest generation of geothermal technologies. When coupled with advanced Organic Rankine Cycle (ORC) power generation technology, GTI’s innovative system enables the efficient extraction of geothermal energy in geographic regions around the globe that have been out of reach using conventional approaches.
“Our GenaSys technology promises to make geothermal baseload power both low in cost and truly scalable – locally, regionally, and globally. We plan to begin by constructing a small 5 MW power plant in the D-J basin and then scale from there,” explained Jim Hollis, President and COO of GTI.
Geothermal electricity is a baseload power source that is available “24/7” which dramatically complements other sources of intermittent renewable power. This means geothermal energy production can improve grid reliability and provide grid operators with the flexibility they need to provide reliable power on a continuous basis. Geothermal power has been a missing piece of the renewable power puzzle in Colorado, and elsewhere around the world. Developing this resource will provide a major advantage to Colorado as it strives to reach its goals of 100% renewable energy by 2040.
GTI’s flagship geothermal power project in the D-J supports Colorado’s Governor Jared Polis’s “Heat Beneath Our Feet” initiative, which he has championed in his capacity as Chair of the Western Governors’ Association.
Multiple other areas of Colorado provide opportunities for the development of geothermal resources by GTI including the Piceance, Raton, and San Juan Basins. Beyond Colorado, GTI’s technologies are globally relevant as similar sedimentary basins can be found around the world.
For more information, visit www.geothermal.tech or contact Jim Hollis at jhollis@geothermal.tech.
About Geothermal Technologies, Inc.:
Geothermal Technologies (GTI) was founded in 2018 to commercialize technology that was initially developed at the Johns Hopkins University. GTI’s GenaSys™ Geothermal Energy Harvesting System revolutionizes how we harness renewable energy. GTI’s innovative technologies, when coupled with recently developed oil & gas and power generation technologies, will enable the production of baseload, clean, low cost, renewable electricity, throughout the world.
