Clean energy technology startup Sage Geosystems announced it has raised $17 million in a Series A funding round, with proceeds earmarked to fully fund a new commercial geothermal energy storage facility.
Founded in 2020, Houston, Texas-based Sage Geosystems is developing solutions aimed at making geothermal energy, typically limited to volcanic regions or those requiring deep drilling, more widely available and affordable, and at depths that can be drilled economically. using existing oilfield technologies and equipment. The company's technologies include geothermal energy storage solutions that can be integrated with renewable energy sources, such as solar and wind, to ensure a continuous and reliable energy supply, enabling baseload renewable energy and solution benefits. current storage capabilities, including a smaller above-ground footprint, avoidance of sustainability issues related to materials such as lithium, increased efficiency and long-duration storage capabilities.
The new financing will be used to finance EarthStore, a new 3 MW commercial facility in Texas based on Sage's Geo Pressured Geothermal System (GGS) technology, which harvests energy from pressurized water stored deep underground and is capable of storing energy for short and long periods. and can be combined with intermittent renewable energy sources such as wind and solar. Construction of the facility is expected to begin in the second quarter of 2024, with a commission date expected in the fourth quarter of 2024.
Cindy Taff, CEO of Sage Geosystems, said:
“The first closing of our Series A financing and our commercial installations are significant milestones in our mission to make Geopressurized Geothermal System (GGS) technologies a reality. The success of our GGS technologies is not only critical for Sage Geosystems to become post-revenue, but is an essential step in accelerating the development of this proprietary geothermal baseload approach.”
The financing round was led by Chesapeake Energy Corporation and included participation from technology investor Arch Meredith, Helium-3 Ventures and support from existing investors Virya, LLC, Nabors Industries Ltd. and Ignis Energy Inc.
