The grant will allow the Company to test the viability of channeling geothermal energy derived from inactive oil wells to the town of Pierce, CO.
DENVER–(BUSINESS WIRE)–Gradient Geothermal (“Gradient” or “the Company”), a Denver, Colorado-based geothermal company focused on energy production derived from the heat extracted via existing oil and gas wells, today announced that the Company received funding from the Colorado Energy Office’s Geothermal Energy Grant Program to execute a feasibility study in Pierce, Colorado. The landmark project, which aims to test the viability of establishing a thermal energy network for the town of Pierce that is powered from heat extracted from local inactive oil wells, has the potential to transform the energy stability for communities in need while bolstering the state of Colorado’s long-term economic outlook.
Specifically, Gradient is seeking to analyze if the use of hot water (120°-150°F) after electric power generation via the inactive oil wells of Pierce Field (which is operated by PDC Energy, Inc.) can be channeled into a direct use, thermal network for Pierce residents. The site is considered an ideal location for the community district heating project due to the town’s proximity to the wellfield and Pierce Field’s accessibility to the Lyons Formation, which served as the site of countless legacy oil and gas drilling operations across the 20th century.
“Gradient Geothermal is excited to help bring geothermal energy and power generation to Pierce Field, Colorado,” said Dr. Benjamin Burke, Chief Executive Officer, Gradient Geothermal. “We have a prime opportunity to bring new life to a mature oil field. Pierce can be a world-class ‘geothermal garden’ where both heat and electricity from geothermal power benefit the entire town and provide jobs for a workforce familiar with oil and gas.”
“Geothermal energy, the heat beneath our feet, is an underutilized resource that can save people money on energy and improve air quality. Colorado is already a national leader in low-cost renewable energy, and now with these grants, we are supporting more geothermal energy across the state,” said Governor Jared Polis, in a statement.
About Gradient Geothermal
Gradient Geothermal, a geothermal energy and technology developer based in Denver, Colorado, strives to help power the energy transition by harnessing electrical power for mass-distribution from existing oil and gas production infrastructure. Gradient’s unique operational model positions the company as the only scalable commercial operation in the sector that specializes in this innovative form of geothermal energy production.
The company is a subsidiary of XMC Strategies, an investment management firm that helps empower commercial entities that specialize in profitably transforming existing oil and gas assets into long-term, sustainable solutions. The XMC family of companies includes Zefiro Methane Corporation, a nationwide operation specializing in plugging orphaned and abandoned oil and gas wells and subsequently creating top-tier carbon offset opportunities, and X Machina Sustainable Technologies, which provides technology development and operational expertise to renewable energy organizations.
Contacts
Media Contact:
[email protected]
Investors Contact:
[email protected]