On Tuesday, March 19, Teverra successfully participated in CERAWeek by S&P Global, the energy industry’s premier event that brings together senior executives, government officials, thought leaders, academics, technology innovators, and financial leaders. Celebrating its fortieth year, CERAWeek continues to provide an integrated framework for understanding the future of global energy markets, geopolitics, and technology.
In a compelling presentation, Teverra's representative discussed innovative strategies for identifying untapped subsurface opportunities for efficient heat management, emphasizing the vast potential of subsurface formations. The session highlighted how the subsurface can act as a scalable storage mechanism for energy, particularly heat.
Key Takeaways:
Natural Energy Resources and Storage: The subsurface not only provides natural resources such as oil, gas, geothermal energy, and natural hydrogen but also offers scalable storage solutions. This session focused on heat storage and its critical role in energy management.
Heat Demand in the U.S.: The U.S. consumes approximately 350 trillion BTUs per year for low-temperature industrial heating processes. Main sources include natural gas, propane, electricity, and heating oil.
Geothermal Energy: Geothermal energy presents a renewable, predictable, and stable option with a minimal carbon footprint, particularly viable in the Western U.S. However, it faces challenges in the Eastern U.S. due to resource limitations.
Reservoir Thermal Energy Storage (RTES): Teverra's innovative RTES technology functions like a thermal battery, storing heat in subsurface formations for use when needed. This includes utilizing waste heat or excess renewable energy.
Applications: RTES can be applied to various low-temperature processes such as food pasteurization, cement drying, and other industrial processes requiring temperatures between 100 to 300°F.
Challenges and Solutions: While RTES is an emerging technology, Teverra leverages existing oil, gas, and geothermal drilling technologies. Custom solutions are designed for specific energy demands, ensuring scalability and efficiency.
Future Steps:
Demonstration Project (2024-2025): Teverra plans to initiate a demonstration project to prove the viability of RTES technology.
Pilot Project (2028-2029): Following the demonstration, a pilot project will be developed, targeting up to 20 megawatts of thermal energy storage.
Commercial Deployment: Post-optimization, Teverra aims to deploy RTES more broadly, addressing significant market opportunities for decarbonized industrial heat processes.
To learn more about this session, visit the CERAWeek website.
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