Advanced Geothermal Making Progress
Advanced geothermal co Eavor gets €91.6 mn grant for 8.2 MW geothermal project in Germany; advanced geothermal co Fervo tests energy storage system in NV using fracking tech to inject H2O into deep wells to create pressure for turbines; U Rochester researchers create new superconductor w/superior properties; NRC proposes a new draft review and licensing framework for advanced nukes; HECO issues RFP for 500-700 MW of “firm” renewables, such as biofuels, geothermal, and trash-to-energy by 2033; NJ w/3rd offshore wind solicitation for betw 1.2 & 4.0 GW of wind energy; BNEF study says meeting global climate goals may call for 94 million-mile supersized grid - 2X the length of today's grid; WA State carbon auction settles at $48.50/ton, (recent California/Quebec auction price at $27.85); Equinor & Air Liquide formally abandon potentially landmark liquified hydrogen shipping fuel project.
1) Eavor Technologies, an advanced geothermal company, nabs European Innovation Fund €91.6 million grant for 8.2 MW geothermal project in Germany. Drilling to start July, w/commissioning Q4 of 2024.
2) Advanced geothermal company Fervo proving up new underground energy storage system in NV, using fracking tech to create fractures in deep hot rock and pumping in H2O to create storable/dispatchable power.
3) Scientists from U of Rochester create superconductor that can function at room temperatures and at lower pressures, that could dramatically cut T&D losses, improve batteries, and help contain fusion process.
4) NRC proposes new draft review/licensing framework for advanced nuclear reactors, based on risk and performance, and meant to be flexible and applicable to a variety of new technologies.
5) HECO RFP calls for 500-700 MW of “firm” renewables, such as biofuels, geothermal, and trash-to-energy by 2033. Current HECO supply approx. 40% renewables today, w/50% of that from customer side of the meter.
6) NJ opens third offshore wind solicitation, for 1.2 - 4 GW of offshore wind. Decisions expected by the end of 2023.
7) BNEF study say a 94 million-mile supersized grid may be needed to meet climate goals, over twice size of today's grid (long enough to reach the sun).
8) WA State’s 1st carbon auction settles at $48.50/ton - much higher than the recent joint California/Quebec auction at $27.85/ton – and raises $300 million.
9) Equinor and Air Liquid formally pull plug on Aurora project - once hailed as landmark liquified H2 shipping fuel project - citing high prices, lack of interest, and competition from green hydrogen-based ammonia or methanol.