Nasdaq The U.S. Department of Energy is planning up to a $165 million new investment in a geothermal power initiative that would utilize expertise from the oil and gas industry to unlock energy resources and move away from fossil fuels. Geothermal energy, which taps into heat within the earth, currently makes up less than 1% of the U.S. energy mix.
CNBC Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round that included participation from BP Ventures and Chevron Technology Ventures as big oil companies increase investments in renewable energy. Geothermal power is renewable energy produced from underground heat. The U.S. Department of Energy calls geothermal a “vital clean energy resource,” noting that it emits little to
EnergyNow Media It is clean, green, steady, unlimited and, as an energy source, free. It employs many of the keys elements of Canada’s oil and gas industry from geophysics to engineering to drilling rigs to tubulars to chemicals to pumps. And it is in the same place as the oil and gas that has paid the rent for over a
By Tyler Losier, Energy Reporter, Oil & Gas 360 Geothermal power project gets $7 million contribution Razor Energy Corp. (stock ticker: RZE), a Canadian oil and gas company based out of Calgary, has partnered with the Canadian government through Natural Resources Canada, as well as Alberta Innovates, to develop a geothermal electricity project. The technology behind the project works by
While the United States is garnering global attention for its shale boom, its prominence in the renewable energy field is far above that of any of its international competitors. The United States has been the world’s greatest producer of renewable energy since 2006. According to BP’s 2014 Statistical Review of World Energy, the U.S. accounted for 43.5% of the world’s
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