- The Department of Energy recently agreed on a $74 million funding initiative aimed at 7 pilot projects exploring different methods of harnessing geothermal energy
- Geothermal energy currently generates 3.7 billion kilowatts per annum of electricity in the United States – enough to power 2.5 million homes
- GeoSolar Technologies has been an early mover within the geothermal technology space, using the renewable energy source as the foundation of its revolutionary SmartGreen(TM) Home system
Around 2,900 kilometers (1,800 miles) beneath the Earth’s surface lies the hottest part of our planet – the core. A small portion of the core’s heat, which can rise to over 5,000 degrees Celsius or 9,000 degrees Fahrenheit, is delivered from the friction and gravitational pull which results from the Earth’s creation over 4 billion years ago; however, most of the Earth’s heat is generated through the constant decay of radioactive isotopes, namely postassium-40 and thorium-232. Harnessing the heat generated by the Earth’s core, a process called geothermal energy, is still in its relative infancy; in the United States today, geothermal energy currently generates about 3.7 billion kilowatt hours of electricity per year – enough to power over 2.5 million homes. However, that pales in comparison to more conventional fossil fuels; coal alone accounted for 898 billion kilowatt hours of electricity in the U.S. as of 2021 (https://ibn.fm/Ues2C). That figure may now be poised to change.
In early February 2023, the U.S. Department of Energy (“DOE”) announced a funding opportunity of up to $74 million for seven pilot projects which would individually seek to test the efficacy and scalability of enhanced geothermal systems (“EGS”). Forming part of the…
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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