Decarbonisation Technology - August 2023 Issue

While extracting the heat from the subsurface, we can also identify and retrieve valuable metals and critical minerals such as lithium from underground. These resources are essential components for many energy transition efforts, such as the creation of electric vehicles. This can significantly enhance the economic benefits of geothermal by making overall investments more valuable and thus attractive for potential investors. However, while there are numerous benefits associated with geothermal, this effective form of clean energy has not witnessed the surge in interest that other forms of clean energy have in recent decades. To understand why this is, we must first consider the challenges associated with geothermal energy and what must be done to integrate it into successful decarbonisation models. What are the challenges associated with the expansion of geothermal? One of the biggest barriers facing the adoption of geothermal energy within industry is that although, theoretically, it can be captured anywhere in the world, it may not necessarily be the lowest levelised cost of energy (LCoE) renewable energy source in every location. Geothermal uptake has been limited thus far to the most prospective places, often those with active volcanic areas such as Iceland, the Western United States, Indonesia, and Eastern Africa.

attempting to do so while ensuring there is no adverse impact on their business’s continued growth and profitability can be a challenging path to navigate. Although geothermal energy has been around for centuries, its exclusion from much of mainstream media’s discussion of renewable alternatives to fossil fuels has left many without a proper understanding of how the technology works. Another deterrent from wider industry adoption thus far has been the initial exploration risk and development cost. Until there is exploratory drilling, it can be difficult to gauge how viable a particular resource will be, and substantial upfront capital costs mean it can take numerous years to recoup that investment. Recent advancements in technology have lowered the risk typically associated with exploration. As technological developments become more efficient, there is also exciting progress on the drilling side, with companies significantly reducing costs and being able to unlock areas previously considered unachievable. Getech has developed the largest commercial gravity and magnetics database in the world, which allows us to make more accurate and detailed models of subsurface energy. In tandem with our geospatial expertise, we have leveraged this knowledge to create Heat Seeker – a new solution for identifying the best locations for geothermal projects, considering

A lack of a sound understanding of what type of geothermal technical solution is most attractive for your location and activity is a barrier that stops many businesses from adopting geothermal. Discovering what will work best for you can be both time-consuming and costly. This is why it is essential to work alongside experts to determine how to integrate geothermal energy into your organisation’s decarbonisation agenda effectively. Energy security is a top concern when beginning an organisation’s decarbonisation journey. Many accept that transitioning to lower-emitting forms of energy is non-optional, but

Heat Seeker identifies the best locations for geothermal projects