Can geothermal power get as mainstream and accessible as solar and wind energy? According to the Swedish company Climeon, with their newest technology, it can – and for an even better price than the above. Geothermal power is a great 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 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 100,000 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.”
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Geothermal power sounds more than great, but as said, with current technology we can’t use this geo energy to full power. The warmth of the earth lays in the ground. In some places, such as Iceland, the heat is just below the surface of the ground. 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?
The smart use of low-temperature heat
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 unites themselves can convert the heat of the earth into energy. The more energy a customer needs, the more unites can be placed. Customized energy 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 waste water? Climeon´s technology can turn this waste into renewed energy.
Cheaper than energy from sun and wind
Another big advantage of Climeon's smart technology is the price: it can be cheaper than wind and solar energy! The precise price of the electricity generated by Climeon does differ. It depends on various factors, such as the type of project and the 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 as possible. 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!
12.5 million dollar in funding
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 to cut more than five hundred million tons of greenhouse gasses - annually. That’s very impressive!
Where are the opportunities for geothermal heat?
With the “extensive global attempts to eliminate hazardous fuel emissions, 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 biggest 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!
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