Project description
Sustainable geothermal energy regardless of the underlying thermal gradient
Geothermal energy is heat within the earth generated during the original formation of the planet and by the radioactive decay of materials. It is ultimately renewable, environmentally friendly and in abundant supply and can be used to meet power, heating and cooling needs. Although it can theoretically be harnessed anywhere, certain areas have lower thermal gradients and less geological activity. The Norwegian SME Rock Energy has developed the GEODEPower geothermal plants based on deep-drilling and enhanced geothermal well-system patented technology suitable for just such cases. The technology is currently being tested at two sites in relevant environments; the EU-funded GEODEPOWER project will enable preparations to bring it to market.
Objective
Rock Energy AS is a Norwegian SME founded in 2007 and managed by a highly experienced team within geoscience, rig, drilling, and energy systems.
We have developed GEODEPower geothermal plants based on deep-drilling and enhanced geothermal well-system patented technology capable of delivering energy even in very low geothermal gradients, thus allowing exploitation at any location no matter geological activity. GEODEPower wells reach as deep as to 5,000 m, and through a closed loop system achieve high-energy delivery all year round occupying almost no space. Our technology can fit energy deliveries from 0.3 to 150 GWh/year/well with high utilization ratio in terms of operational hours. Thus, we can serve since low-temperature demanding end users such as residential and office buildings, sports arenas, parking lots, and sidewalks to airport runways, and large industrial users through heat pumps and combined heat and power (CHP) plants.
GEODEPower closed-loop operation implies no fracking, no contamination of groundwater/soil, and zero emissions. These features together with the lack of operation noise, and the small area for installation, make them the ideal electricity, heating and cooling supplier in densely populated areas.
The first GEODEPower plant to demonstrate the technology in a relevant environment constructed in Asker 2016 (down to 800m) is now in testing phase (TRL6). A plant with 2x1500m wells is planned for Oslo Airport, drilling phase beginning in Nov 2017. After project completion at the airport will be at TRL7.
We have projected the roll out of our business plan initially through the Nordic countries, our domestic market, through an IPP developer model enabling to the end user to be plant’s owner. Outside the Nordic market, we are focused on the deployment of 5,000m wells by licensees and joint venturing. We expect €23,3 million profit by 2023, with an Internal Return Rate (IRR) of 17.8% for Rock Energy, and the generation of 70 new jobs.
Fields of science
Programme(s)
- H2020-EU.3.3. - SOCIETAL CHALLENGES - Secure, clean and efficient energy Main Programme
- H2020-EU.2.1.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT)
- H2020-EU.2.3.1. - Mainstreaming SME support, especially through a dedicated instrument
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
0283 OSLO
Norway
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.