Sage Geosystems, a Geopressured Geothermal System (GGS) technology supplier with headquarters in Houston, Texas, has secured $17 million in Series A funding.
With participation from Arch Meredith, Helium-3 Ventures, and current investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc., the round was led by Chesapeake Energy Corporation (NASDAQ: CHK).
A 3MW commercial Geopressured Geothermal System (GGS) project that will be constructed in Texas will be funded by the revenues.
Sage Geosystems, founded in 2020 and headed by CEO Cindy Taff, is creating technology for Geopressured Geothermal Systems (GGS) that are located deep inside the earth. The EarthStoreTM technology was showcased by the firm in a comprehensive commercial pilot operation in Texas in 2023. With Pelton turbines, the pilot generated 200 kW for over 18 hours (long-duration) and 1 MW for 30 minutes (load-following) to power equipment on site.
The groundbreaking technology developed by Sage Geosystems, which generates electricity from pressurized water held below, will be utilized in the 3 megawatt commercial facility known as EarthStoreTM.
The company is currently building equipment, with a target commission date of Q4 2024 and construction of the 3MW facility starting in Q2 2024.
totalbulletin
16/02/2024
