Geothermal Energy

“The higher outputs will be a big part of bringing those LCOEs down, and we see a hundred dollars per megawatt hour at the meter, no matter where you are in the world. Now, that includes the shallow and the deep systems. If you look specifically at the shallow …”

“In this case, you're going to be going to a few thousand feet, maybe as much as five or 6000 feet, and your cost is going to be in the million plus range, so call it one to two million, maybe three or four, depending on the more complex wells to prove that out…”

“If you just take it down to the bare bones of you need about one to two years to explore and confirm the resource, and about One and a half to two years to construct that power facility and tie it into the grid. So the ideal scenario would be three to four yea…”

“In June of twenty-twenty-one, the California Public Utilities Commission launched the midterm reliability ruling, which I think is one of the biggest pieces of policy that has impacted our business to date, and it required all California load-serving entities …”

“When you look at the wind and solar industry, those industries are fairly de-risked, And so oftentimes you can, you know, sign a commercial agreement very early on and go finance against that commercial agreement because there's a lot of certainty around the e…”

“Like, we're not on track, for instance, to building five gigawatts of new geothermal that we laid out in the liftoff report for geothermal for by 2030. We're sort of on track to one gigawatt by 2030.”

“Six percent of our electricity comes from geothermal. 10% of electricity in Nevada comes from geothermal, conventional geothermal. And there are countries in the world, ah, Kenya notably takes 50% of its national electricity from geothermal.”

“And so, the three things that you need for your thermal resource are heat, water, and permeability. So, it's hot everywhere to, if you can drill deep enough and almost the entire planet is saturated with water, you know, at depth. But the places that don't hav…”

“It was a little bit of a complexity, and also the, if you took the best known cost of all those technologies and just stuck them into the optimizer wouldn't pick them, is, is really what it comes down to.”

“Current oil and gas well drilling capacity in the world, which is roughly, you know, 70,000 wells a year. We do that every year between now and 20 50. That meets global energy demand.”

“Geothermal has a Tiny footprint compared to other renewables. It doesn't rely on a massive amount of rare earth mining like you know, like, for instance, wind and solar production and storage production.”

“And so, when I see geothermal in the media as a lithium play, really, I mean, if you look at it, if you back up and look at that, what you're thinking is, oh, ok, good, we'll use this clean, awesome, ubiquitous, baseload energy source to mine lithium to make b…”

“There's 20 teams globally right now that could be in the field building a geothermal project that can't raise the 30 to fifty million dollars they need to go out and drill the well and build the plant”

“I mean, a billion dollars could launch every team I'm aware of into the field. That's, I mean, look, that's a drop of the bucket compared to the climate Problem.”

“Really this comes down in my view To a human resources problem, not a technology problem.”

“Geothermal is going to carry the baggage of a hundred years of fighting between the hydrocarbon industry and environmental and climate groups, and that, navigating that I mean, it will be incredibly important to, you know, making sure that we can achieve fast …”

“Well, if you want to cover the entire planet, if you want to make sure every single human being has access to geothermal energy, not just a little bit of it, not just a little bit to bathe in hot water, but also to power every single appliance and every single…”

“So we think we can get to 20 kilometers. This is twice as deep as we've ever drilled as humans, and precisely what's needed to make geothermal totally global and ubiquitous.”

“Twenty million dollars. Just twenty million dollars. Okay. Twenty million dollars. Twenty million dollars per well if it's 20 kilometers.”

“Yeah, I mean, the power plant's already built, and all we have to do is to feed it the steam that's carbon free. And you can do each one in weeks. That's precisely the play we're after.”

“So let's say by 20 50 we have on the order of one to five terawatts, that's probably a healthy 20% of global energy needs, but certainly after that, you know, you start talking about the majority of energy coming from here.”

“There are emerging insurance projects out there That are focused on this kind of drilling success coverage. I think it's primarily in Kenya at the moment, where this is being launched in collaboration with some of the DFIs.”

“Yeah, so we all of our facilities are in locations where it's either geothermal or hydroelectric, so it's so it's very clean power.”