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 (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: https://op.europa.eu/en/web/eu-vocabularies/euroscivoc.
- engineering and technology environmental engineering geological engineering
- engineering and technology environmental engineering energy and fuels renewable energy geothermal energy
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.3.3. - SOCIETAL CHALLENGES - Secure, clean and efficient energy
MAIN PROGRAMME
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H2020-EU.2.1.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT)
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H2020-EU.2.3.1. - Mainstreaming SME support, especially through a dedicated instrument
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-SMEInst-2016-2017
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
0283 OSLO
Norway
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.