HOUSTON–(BUSINESS WIRE)–Sage Geosystems introduced in the present day the primary shut of $17 million in Collection A funding led by Chesapeake Vitality Company (“Chesapeake”) (NASDAQ: CHK) and joined by know-how investor Arch Meredith, Helium-3 Ventures and with continued help from current traders Virya, LLC, Nabors Industries Ltd., and Ignis Vitality Inc. The proceeds will totally fund the primary of its form 3MW industrial Geopressured Geothermal System (GGS) facility, which can be inbuilt Texas.
The 3MW industrial facility, referred to as EarthStore™, will use Sage Geosystems’ modern know-how that harvests power from pressurized water saved deep underground. The ability will be capable of retailer power for brief and lengthy period durations and will be paired with intermittent renewable power sources, together with wind and photo voltaic, to supply baseload, dispatchable energy, and inertia to the electrical grid.
“The primary shut of our Collection A funding and our industrial facility are important milestones in our mission to make Geopressured Geothermal System (GGS) applied sciences a actuality,” stated Cindy Taff, CEO of Sage Geosystems. “The success of our GGS applied sciences just isn’t solely essential to Sage Geosystems changing into post-revenue, however it’s a necessary step in accelerating the event of this proprietary geothermal baseload strategy. This progress wouldn’t be doable with out the continued help from our current traders, and we look ahead to persevering with this work with our new traders.”
Sage Geosystems is within the course of of producing tools, with development of the 3MW facility starting in Q2 2024 and a focused fee date of This fall 2024. The precise location of the ability can be introduced quickly.
In 2023, Sage Geosystems efficiently demonstrated the EarthStore™ system in a full-scale industrial pilot mission in Texas. The pilot produced 200 kW for greater than 18 hours (long-duration) and 1 MW for half-hour (load-following), producing electrical energy with Pelton generators to run tools on location. The system has a roundtrip effectivity (RTE) of 70-75 p.c and water losses of lower than 2 p.c.
For extra details about Sage Geosystems, please go to www.sagegeosystems.com.
About Sage Geosystems
Sage Geosystems was based in 2020 and is growing Geopressured Geothermal System (GGS) applied sciences deep within the earth. Sage Geosystems is the primary firm to exhibit the flexibility to ship cost-effective and commercially viable new era geothermal (i.e., scorching dry rock) with the corporate’s proprietary GGS design. The Sage Geosystems workforce has over 150 mixed years within the oil and gasoline business, with expertise delivering main tasks together with Deepwater, Arctic, and Unconventional shales. The corporate is headquartered in Houston, Texas. For extra data, go to www.sagegeosystems.com.
Advisors
Evercore acted because the unique placement agent for Sage Geosystems in reference to this capital elevate, and Wilson Sonsini Goodrich & Rosati offered authorized counsel.
Contacts
Brad Carlbrad@teamsilverline.com(253) 318-6852