Sage Geosystems and California Resources Corp. signed of a memorandum of understanding to pursue subsurface energy storage and geothermal power generation in California. (Source: Sage Geosystems, California Resources Corp.)
Sage Geosystems and California Resources Corp. (CRC) have signed a memorandum of understanding (MOU) to establish a collaboration for geothermal power generation in California.
Under the MOU, the companies will pursue commercial projects and joint funding opportunities for geothermal as well as subsurface energy storage.
Tapping into geothermal power employs many of the techniques used by oil and gas companies, including horizontal drilling and multi-well pads.
The strategic partnership between Sage and CRC will focus on developing clean and reliable energy solutions in the state, the companies said in a joint press release Sept. 24.
“Current estimates are that the global electricity demand will double by 2050, and this does not include the demand for data centers with artificial intelligence (AI) capabilities,” the companies said.
By leveraging their combined expertise and resources, the companies aim to achieve “significant progress” in subsurface energy storage and geothermal power.
“This MOU marks a significant step forward in our commitment to develop sustainable energy solutions,” said Francisco Leon, CRC’s president and CEO. “By working together with Sage, we aim to develop innovative technologies that will contribute to California’s clean energy future.”
Cindy Taff, Sage CEO, said the partnership will benefit from CRC’s long-established presence in the state and strong relations with state agencies, as well as California’s regulatory environment.
“Together we hope our next generation geopressured geothermal technology will add much needed resiliency and reliability to the California power grid,” Taff said.
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