Sage establishes cooperation to deploy geothermal and energy storage in California
Sage Geosystems and California Resources Corporation announce strategic partnership
Carlo Cariaga
27 Sep 2024
Sage Geosystems and California Resources Corporation have partnered for the deployment of subsurface energy storage and geothermal power in California.
Sage Geosystems, Inc. (Sage) has signed a Memorandum of Understanding (MOU) with the California Resources Corporation (NYSE: CRC) to establish a collaborative framework for pursuing commercial projects and joint funding opportunities related to subsurface energy storage and geothermal power generation in California.
The strategic partnership between Sage and CRC will focus on developing clean and reliable energy solutions in the State of California. Current estimates are that the global electricity demand will double by 2050, and this number is likely to increase further with the growing demand for data centers with artificial intelligence (AI) capabilities.
By leveraging our combined expertise and resources, the companies aim to achieve significant progress in the field of subsurface energy storage and geothermal power generation.
“This MOU marks a significant step forward in our commitment to develop sustainable energy solutions,” said Francisco Leon, CRC’s President and Chief Executive Officer. “By working together with Sage, we aim to develop innovative technologies that will contribute to California’s clean energy future.”
California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects. It is also a member of the Wells2Watts geothermal research consortium led by Baker Hughes.
“We are excited to partner with CRC in California as the organization has a long-established presence in the state including strong relationships with state agencies and an understanding of the regulatory environment,” said Cindy Taff, Sage Geosystems Chief Executive Officer. “Together we hope our next generation geopressured geothermal technology will add much needed resiliency and reliability to the California power grid.”
Houston, Texas-based Sage Geosystems is developing energy storage and geothermal baseload technologies by leveraging their over 200 combined years in the oil and gas industry. The company had recently entered into a land use agreement for the deployment of a 3-MW Geopressured Geothermal System (GGS) energy storage facility in Christine in Atascosa County, Texas.
The company had also signed a Power Purchase Agreement with Meta Inc. for the supply of geothermal power to Meta’s data centers in the US.
Source: Sage Geosystems via BusinessWire
