$12 Million Invested to Capture the Heat Beneath Our Feet

Sage Geosystems (Sage) announced the signing of $12 million in financing led by Nabors Industries with an investment of $10 million and the remaining $2 million coming from Virya, LLC. This investment will accelerate the development of Sage Geosystems’ novel geothermal technologies and the construction of their first commercial geothermal power plant.

Sage is pioneering an integrated system approach that covers both surface and subsurface capture of geothermal energy to increase the efficiency of cost to output. The team hopes to put geothermal energy at the front of the transition to renewables.

"Geothermal energy can be developed into an unlimited source of clean and renewable energy, which is available 24 hours a day, 365 days a year, but also requires a relatively low amount of resource mining for its effective utilization. We believe the combination of Sage and Nabors will propel geothermal energy to the front of the transition to rapidly commercialize clean energy sources, economically and responsibly." – Lev Ring, CEO of Sage

The partnership of these three Houston-based companies will provide immense opportunity for innovation in geothermal energy production in Texas.