US awards $99 million for geothermal drilling, technology projects
Tweet
Share
E-mail
FILE PHOTO: Drilling continues on an electric powered drilling platform at the Cape Station geothermal project in Milford, Utah, U.S. June 10, 2025. REUTERS/Jim Urquhart/File Photo
Sept 21 (Reuters) - The US Department of Energy on Monday said it selected 21 projects for up to $99 million in funding to advance geothermal energy development, a source of around-the-clock power that has attracted growing interest from investors and energy companies.
• The projects will receive up to $99 million to conduct field-scale tests of next-generation geothermal technologies and exploration drilling designed to identify promising geothermal resources across the United States.
• Five projects will conduct field tests of enhanced geothermal systems, or EGS, technologies, while 16 projects will focus on exploration drilling.
• Recipients include Fervo Energy, which was selected for two projects, including an enhanced geothermal systems demonstration in Idaho and exploration drilling in Nevada. Other selected companies include Quaise Energy, Zanskar Geothermal, XGS Energy and Invenergy.
• DOE will make data generated under the projects publicly available through its Geothermal Data Repository to help guide future technology development and resource exploration.
• "These projects will empower American innovators to unlock the tremendous geothermal resources beneath our feet," DOE Under Secretary of Energy Kyle Haustveit said in a statement. "Under President Trump's leadership, we're advancing next-generation geothermal technologies that can lower costs, strengthen American energy dominance, and turn more of our vast domestic geothermal resources into reliable and affordable power."
• Geothermal energy has emerged as one of the fastest-growing areas of the US power sector as developers adapt oil-and-gas drilling techniques to tap underground heat for electricity generation.
(Reporting by Nichola Groom; Editing by Aurora Ellis)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Hormuz vessel traffic falls to two, data shows
- Kremlin says UN Security Council should add new permanent members, keep veto power that Erdogan urged scrapping
- Saudi Arabia restarts East-West oil pipeline, sources say
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
