Can geothermal power get as mainstream and accessible as solar and wind energy? According to the Swedish company Climeon, with its newest technology, it can – and for an even better price than the above.
Geothermal Power: An Excellent Solution To Our Energy Problem
Geothermal power is an excellent solution to our energy problem: it’s flexible, it provides energy whenever we need it, and it’s not that bad for our environment. It's green, adaptable, and cheaper than wind and solar. Sounds perfect, right? Current technology, however, limits its applications. In this article, you can read how Climeon claims to overcome these problems with their technology.
Geothermal hot springs used in Roman times could heat Bath Abbey, England.
Geothermal heat is a sustainable alternative to natural gas. When using geothermal heat, no greenhouse gasses are released, making this an excellent renewable energy source. Geothermal energy is nothing new. Did you know that geothermal heat has been used on our planet for more than 10,000 thousand years? There are plenty of examples, such as the ancient Roman baths. In 2013, there was a utility-scale geothermal capacity of more than 11,700 MW on a global level. A record, because it was bringing forth more than 68 billion kWh. That is enough for the household electricity of more than six million households. The World Energy Council forecasts in a research paper that “geothermal energy can supply more than 8% of our earth's power supply, a factor that is likely to propel the revenue-generating potential of Geothermal Energy Market over the years to come.”
How Geothermal Energy Revolutionised Iceland’s Greenhouses | Earth Lab
Geothermal Power Accessible As Wind And Solar Energy: Climeon
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Geothermal Power: Why Aren’t We All Using It?
When did people start geothermal ‘energy’?
History says that the first use of geothermal energy occurred more than 10,000 years ago in North America by American Paleo-Indians. People used water from hot springs for cooking, bathing and cleaning.
The first industrial use of geothermal energy began near Pisa, Italy in late 18th century. Steam coming from natural vents (and from drilled holes) was used to extract boric acid from the hot pools that are now known as the Larderello fields.
Geothermal power sounds more than great, but as said, with current technology, we can’t use this geo-energy to full potential. The warmth of the earth lies in the ground. In some places, such as Iceland, the heat is just below the surface of the land. This country can, therefore, use an enormous amount of geothermal heat to generate electricity. In other countries, like France or the Netherlands, geothermal energy lays much deeper, which means that the geothermal energy will cool down too much to generate electricity. Geothermal power plants are depending on very hot water. Unfortunately, only the places in this world like Iceland or Indonesia (with her volcanic activity) can use geothermal energy right now. Not very accessible, right?
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Smart Use Of Low-Temperature Heat
What is geothermal energy?
Geothermal energy is thermal energy generated and stored in the Earth. The adjective geothermal orginates from the Greek roots γη (geo), meaning earth and (θερμος), meaning hot. Earth's internal heat is thermal energy generated from radioactive decay and continual heat loss from Earth's formation.
So, one of the problems of geothermal energy is the needed amount of very hot water, which often only can be used in places where the geothermal heat lies just beneath the surface. The Swedish company has a solution to this problem: its technology can make use of low-temperature heat, which – according to Akshat Rathi, “opens up economically viable geothermal power to much more of the world.” Half of all the energy in the world will be wasted as so/called low-temperature heat. Climeon, founded by and CEO Thomas Öström (who was recently named Swedish Person of the Year in the category Innovation), makes smart use of the low-temperature heat from geothermal heat sources.
The Power Unit of Climeon pumps with low pressure, so less energy is needed to convert the heat into clean electricity. The units themselves can turn the heat of the earth into energy. The more power a customer needs, the more units can be placed. Customized power from geothermal energy can, therefore, be supplied! Also, Climeon’s units can use heat from other sources, too. What do you think of the water used for cooling hot steel in steel mills - which is otherwise thrown away as wastewater? Climeon´s technology can turn this waste into renewed energy.
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Geothermal Heat Is Cheaper: An Excelent Renewable
How does geothermal power work?
They work by piping hot steam from underground reservoirs directly into turbines from geothermal reservoirs, which power the generators to provide electricity. After powering the turbines, the steam condenses into water and is piped back into the earth via the injection well.
Another significant advantage of Climeon's smart technology is the price: it can be cheaper than wind and solar energy! The correct cost of the electricity generated by Climeon does differ. It depends on various factors, such as the type of project and access to heat. In some cases, Climeon’s electricity-generating units have provided electricity for €40 ($45) per MWh, says Joachim Karthäuser, the company’s chief technology officer, to Quartz. That is cheaper or just as cheap as the lowest price for wind or solar energy, at least in continental Europe.
Climeon's smart technology can be offered at such low prices because The Climeon Heat Power units are designed to store as little energy as possible as little. A unit is approximately 280 cubic ft and can store up to 150 kW. With 150 kW, more than 150 families in Europe can turn on the lights, watch television, and do other activities for which they need power. Cha-ching!
Funding Of 12.5 Million Dollar For Geothermal Energy
Right now, Climeon operates in five countries. The Swedish company is worth almost four hundred million euros (or 450 million dollars) since the founding in 2011. But the company will probably expand in no time – they will be funded for 12,5 million dollars by the Breakthrough Energy Ventures, a fund backed by Bill Gates. The mothership of Climeon, Baseload Capital, will get this funding: they mainly focus on owning and operating the steel plant from which the company Climeon operates. That’s because many steel plants want the innovate technology that Climeon invented, but don’t want to own a power plant. They get the cash injection because Breakthrough Energy Ventures believes that the company is capable of cutting more than five hundred million tons of greenhouse gasses - annually. That’s very impressive!
Geothermal Heat And It's Opportunities
With the “extensive global attempts to eliminate hazardous fuel emissions, the geothermal energy market is on its way to establish itself as one of the most dynamically evolving energy markets of recent times,” according to the report Geothermal Energy Market trends research and projections for 2017 - 2024 by Global Market Insights. Climeon is now one of the most prominent players in town: and for sure, one to watch. Climeon seems to have significant potential in improving the chances of success in the global race to zero emissions!
Before you go!
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