Sage Geosystems, a Houston, TX-based provider of Geopressured Geothermal System (GGS) technologies, raised $17M in Series A funding.
The round was led by Chesapeake Energy Corporation (NASDAQ: CHK), with participation from Arch Meredith, Helium-3 Ventures and existing investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc.
The proceeds will fund a 3MW commercial Geopressured Geothermal System (GGS) facility, which will be built in Texas.
Founded in 2020 and led by Cindy Taff, CEO, Sage Geosystems is developing Geopressured Geothermal System (GGS) technologies deep in the earth. In 2023, the company demonstrated the EarthStore™ system in a full-scale commercial pilot project in Texas. The pilot produced 200 kW for more than 18 hours (long-duration) and 1 MW for 30 minutes (load-following), generating electricity with Pelton turbines to run equipment on location.
The 3MW commercial facility, called EarthStore™, will use Sage Geosystems’ innovative technology that harvests energy from pressurized water stored deep underground. The facility will be able to store energy for short and long duration periods and can be paired with intermittent renewable energy sources, including wind and solar, to provide baseload, dispatchable power, and inertia to the electric grid.
The company is in the process of manufacturing equipment, with construction of the 3MW facility beginning in Q2 2024 and a targeted commission date of Q4 2024. The exact location of the facility will be announced soon.
FinSMEs
15/02/2024