(PRWEB) June 13, 2011
This week the US Department of Energy Secretary Steven Chu announced the availability of up to $70 million in new funding over the next three years for technology advancements in geothermal energy to accelerate developments including the development of Enhanced Geothermal Systems.
This new boost to the geothermal industry was made in support of President Obama’s goal of generating 80% of the country’s electricity from clean energy sources by 2035.
The aim is to reduce the upfront costs and risk involved with enhanced geothermal systems and new geothermal resources so it is competitive with conventional sources of electricity.
Good news for EGS
This boost in funding will support the Department’s goals of lowering the cost and financial risk associated with confirming and characterizing geothermal resources and overcoming key technical challenges to reservoir creation and sustainability in enhanced geothermal systems.
With the capability to produce low emission energy 24 hours a day, 7 days a week, this funding is a clear sign that EGS IS a future renewable resource which cannot be ignored.
The 2nd Annual Enhanced Geothermal Systems Conference (June 29th-30th) will discuss the implications this recent announcement will have on this rapidly evolving industry and the opportunities which stem from this positive news.
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For any further information please email emmab(at)fcbusinessintelligence(dot)com