$165M for U.S. Geothermal Energy Development
By Jose Vieitez, Portfolio Director, Co-founder, Boomtown Accelerators
The Department of Energy announced July 28 it will invest $165 million to expand U.S. geothermal energy deployment. The initiative includes $10 million to develop a roadmap to address technology and knowledge gaps in geothermal energy, based on best practices in the oil and gas industry, followed by $155 million in research to address those gaps. The funding could result in a major shot in the arm for the EnergyTech and CleanTech industries.
The department estimates that increased geothermal deployment can yield at least 60 gigawatts of new, clean, reliable electricity-generating capacity—enough to power more than 40 million American homes.