San Francisco, California-based startup GreenFire Energy Inc. which develops and deploys innovative technology to unlock the source of continuous renewable energy, has secured an investment from French multinational company Vallourec.
Vallourec supplies equipment that is required for harvesting closed-loop geothermal energy. The transaction comes as part of Series A funding. On March 1, 2022, Baker Huges and Helmerich invested in GreenFire Energy in its Series A funding.
“Through this investment in GreenFire Energy, Vallourec demonstrates its ambition to be a long-term player in the energy transition to prepare for the future,” said Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, in a press statement released by the company.
The symbiotic partnership for promoting sustainable energy solution
Vallourec has developed a patented technology, THERMOCASE ®, a vacuum insulated tube. The tubes can endure the harshest of conditions and is a crucial enabler for harnessing closed-loop geothermal energy from deep below the surface of Earth.
GreenFire Energy, which develops and implements innovative geothermal technology to accelerate the world’s transition to clean, continuous renewable energy, will gain from this partnership. Vallourec will design and manufacture solutions for their downhole heat exchanger to use geothermal energy for commercial purposes.
According to the press release by Vallourec, “Geothermal energy is expected to play a major role in the energy transition and the decarbonization of our economies, as it is the only renewable source that can always be “on,” provide low carbon and versatile energy. While conventional systems rely on exploiting geothermal resources in particular areas, Advanced Geothermal Systems – such as the one developed by GreenFire Energy – could unlock the possibility of producing energy virtually anywhere.”
“Innovation is in Vallourec’s DNA and is one of the key levers to accelerate our transformation. We are proud to support GreenFire Energy’s efforts to develop these innovative closed-loop geothermal technologies. Customer focus is also of the utmost importance for us. By working alongside Baker Hughes and Helmerich & Payne, we will have the opportunity to refine our solutions further to meet the challenges of geothermal operators.”
GreenFire Energy’s SDGL technology has been awarded $2.7 million
GreenFire Energy Inc. has bagged more than $2.7 million from the California Energy Commission (CEC). The fund will be used to install steam-dominated GreenLoop (SDGL) technology at The Geysers geothermal field in California to harness the energy from the superheated steam to generate power.
The new-energy startup will work with various other companies to finalize the agreement. It will also host a demonstration at its facility in The Geysers, USA.
Geysers are the world’s largest geothermal field that mainly produces superheated steam. The current project will show how GreeFire Energy’s SDGL technology will harvest power economically and sustainably without adversely impacting the geothermal reservoir’s capacity.