How Fervo Energy Is Harnessing the Power of Geothermal Technology to Power the Planet
Environmentalists usually emphasize the importance of using renewable sources of energy. In this context, we’ll focus on geothermal energy, which is stored underneath the surface of the earth.
The main advantage of renewable energy sources is that there is no need to worry about greenhouse gases. In short, the use of geothermal energy helps to reduce the carbon footprint; thus, there is no need to worry about issues such as global warming. The oil & gas sector engineers have the expertise to harvest geothermal energy.
Fervo Energy is based in Houston, and Tim Latimer launched the firm. Initially, Latimer would work as a completion engineer. As an environmentalist and engineer, he saw it fit to look into how to harness geothermal energy through Fervo. The firm has received funding from Bill Gates and Jeff Skoll, a former executive at eBay. Fervo has received more than $28 million, and they are planning to ensure the firm is producing hundreds of megawatts in the next few years.
Tim Latimer grew up in Waco, Texas. As a kid, he witnessed how power generation would impact the environment close to a power plant powered by coal. Latimer also hails from an oil family. After completing his studies, he went ahead to secure a job in the oil & gas sector. Later on, he realized the world would start using renewable energy, and many people in the oil & gas sector would be affected adversely.
To mitigate the issue, Tim Latimer established Fervo so that people in his locality would secure employment opportunities and play a role in the clean energy future. If Latimer were not a part of the oil & gas sector, he wouldn’t have gotten the idea to establish a firm that deals in renewable energy.
Through Fervo, Latimer has managed to support the locals while also hiring contractors who have been affected by the oil price crash. The contractors are currently working on the Fervo oil rigs.
The Biden administration has discussed offering employment opportunities in the hydrocarbon sector because of the transition to green energy. Fervor is among the firms offering such employment opportunities.
Currently, geothermal power is not controlled by geography, considering there are numerous resources that can be used to tap the energy. The jobs in the hydrocarbon sector are also well-paying, especially in areas that usually depend on geological services work.
A considerable part of the world’s population lives close to geothermal sources. More than 25 nations have already installed geothermal power plants, and more countries are relying on geothermal energy to foster growth.
In different parts of Africa and the Western U.S., there is a long history of geothermal power production since there are steam jets and geysers that usually occur naturally, and they serve as good sources of renewable energy.
The technology by Fervo will help to unlock new sources of geothermal energy. The geothermal systems will use horizontal drilling, advanced computational modeling, and distributed fiber optic sensing. Each of these forms of technology will ensure Fervo can deliver affordable geothermal energy.
Fervo was initially developed using a grant issued by the TomKat Center. Afterward, the DEO’s Geothermal Technology Office went ahead to issue the firm additional funds. By combining old and new forms of technology, Fervo has managed to open large geographies while also developing new projects.
Other firms also want to tap geothermal power, and Fevor is one of them. The geothermal projects are currently in demand, and startups are gaining significantly from the huge market. The cost of developing a geothermal power plant won’t be a major issue as compared to before. According to Latimer, there are more power purchase agreements as compared to before.
For each project, the cost will always be one of the main factors to consider. The contracts being signed showcase the cost of one megawatt will range from $65 to $75. As for solar energy, the range is $35 to $55 for each megawatt.
According to Latimer, geothermal energy is preferable since it guarantees predictability and stability. If a business or homestead is looking for a power supply that cannot be interrupted, geothermal power is the best option.
Final Thoughts
Geothermal energy is currently cost-effective, thanks to advanced forms of technology. Also, there are no geographical restrictions currently as compared to before. Thanks to Fervo, the locals have access to employment opportunities amid the issues that are currently affecting the oil & gas sector.
