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.
After the experience Texans faced from the winter storm that brought the integrity of Texas’ grid into question, residents will be open to any solutions that will provide a secure, localized, and renewable energy flow.
Earlier this year, Sage, in collaboration with the Bureau of Economic Geology, was selected by the U.S. Air Force to perform a feasibility study for the deployment of closed-loop geothermal energy systems to supply clean and secure energy to Ellington Field Joint Reserve Base in Houston, Texas. The feasibility study is funded under a Small Business Technology Transfer from the Air Force AFWERX innovation program with the goal of installing a 3MW geothermal plant at the military base in 2022.
The novel systems developed by Sage are attractive to the military because of their small physical footprint, grid independence, security and non-reliance on supply chains, and their sustainability.