Conroe, Texas - The path to achieving a successful energy transition, particularly in geothermal energy and Carbon Capture and Storage (CCS), is fraught with significant challenges, notably in costs, funding, and permitting. These obstacles were the focus of TEVERRA’s CEO, Dr. Hamed Soroush, during his opening talk at the SPE Energy Transition Symposium last week.
Dr. Soroush highlighted the critical need for reducing costs to make next-generation geothermal energy commercially viable. He emphasized that scaling is essential for cost reduction, but this is often hampered by the difficulty of securing adequate funding. The limited supply chains and complex permitting processes further add to the challenges, slowing down the growth of geothermal energy as a reliable and renewable energy source.
"Geothermal has immense potential, but its growth has lagged behind due to these hurdles," Dr. Soroush stated. He called for greater government support to pioneer funding initiatives and bolster investor confidence, which are vital for overcoming these barriers. He stated "While government support is crucial, advancements in technology and innovation are equally essential in overcoming the financial and technical challenges that currently hinder the energy transition, specially geothermal".
The symposium continued with a thought-provoking panel discussion featuring industry leaders Sarah Jewett of Fervo Energy, Vello Kuuskraa of Advanced Resources International, Linal Perera of Svante, and Cindy D. Taff of Sage Geosystems Inc. Moderated by Jan Sherman of Carbonvert, the panel explored the introduction of innovative technologies and shared success stories aimed at improving the economics of geothermal and CCS projects.
The discussion at the symposium underscored the importance of a collaborative approach, where government, industry, and technological innovation work hand in hand to drive the future of clean energy.
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