Clean energy technology set-up Sage Geosystems broadcasted that it has raised $17 million fund in a Series A financing round, with proceeds intended at fully funding an innovative commercial geothermal-based clean energy storage facility.
Originating in 2020, Houston, Texas-based Sage Geosystems is emerging solutions aimed at producing geothermal energy, classically limited to volcanic areas or demanding deep drilling, more extensively available and reasonable, and at depths that can be thriftily drilled using existing oilfield expertise and equipment. The corporation’s technologies contain geothermal energy storage resolutions that can participate with renewable energy sources like solar and wind to safeguard a continuous and consistent power supply, allowing baseload renewable energy, and with assistance over current storage solutions together with a lower above-ground footprint, evasion of sustainability problems relating to materials like lithium, enhanced efficiency, and long-duration storage competences.
The innovative financing will be practiced to fund Earth Store, an innovative 3MW commercial capability in Texas grounded on Sage’s Geopressured Geothermal System (GGS) technology that produces energy from pressurized water deposited deep underground, and can hold energy for short and long extent and can be harmonizing with intermittent renewable energy foundations such as wind and solar. Creation of the facility is expected to begin in Q2 2024, with an intended commission date of Q4 2024.
CEO of Sage Geosystems, Cindy Taff, stated that
The first close of their Series A funding and their marketable facility are important milestones in their assignment to make Geopressured Geothermal System (GGS) technologies a reality. The triumph of their Geopressured Geothermal System technologies is not only important to Sage Geosystems becoming post-revenue, but it is an indispensable step in accelerating the growth of this proprietary geothermal baseload tactic.
The funding round was directed by Chesapeake Energy Company and encompassed participation from expertise investor Arch Meredith, Helium-3 Ventures, and backing from prevailing investors Nabors Industries Ltd., Virya, LLC, and Ignis Energy Inc.