Our economy is ever-changing. Our energy sector is evolving, We live in an increasingly connected world where things move at hyper speed, and where ideas are implemented quickly. New modes of energy are being discussed, and the energy sector is opening up new exciting pathways towards diverse power. Progress is good and verifiable. Many energy companies are starting to focus on new areas like wind, water, solar, and other energy sources.
The government is spending money on research to find the best ways to power the United States towards a less carbon-fueled future. This is why Transitional Energy has received a $500,000 grant aimed at transforming oil wells for geothermal energy. The 500K Advanced Industries Grant was awarded by the Colorado Office of Economic Development and International Trade to help Transitional Energy to do their important work.
Here’s what Transition Energy actually does:
Transitional Energy (TE) ‘transitions‘ existing oil and gas wellbores into clean, baseload power generators by extracting thermal energy and integrating off-the-shelf, modular power generation units. Leveraging 71+ years of combined experience across energy start-ups, environmental consulting, oil & gas, and natural resources finance, TE solves the major capital risk associated with traditional geothermal power sources by eliminating the need for drilling and exploration, and converts existing energy assets into baseload, renewable power”
Transitional Energy will use these grant funds to support the development and conversion of oil and gas wellbores and associated infrastructure into geothermal power generation facilities. This will assist Colorado as the state starts to move towards utilizing renewable energy sources, from the traditional backbone of the oil and natural gas that has been critical to Colorado’s economic development and the overall economy.
Grant award like this is important because it gives increased flexibility towards the production of renewable energy, as Colorado (like many other states) look towards beginning to identify and examine the possibilities of alternative energy sources to fuel the state. Transitional Energy’s goal is to utilize current energy assets that exist and provide a transition into renewable energies including job opportunities for people in these new fields.
Here’s what Salina J. Derichsweiler, Co-Founder and CEO of Transitional Energy had to say regarding this grant award:
This grant provides meaningful funds to Transitional Energy to successfully execute our Phase 1 Site Selection Test. The information we learn during this phase will accelerate our business to commercial, grid-scale, low-temperature geothermal power generation. Colorado’s abundance of existing wellbores, available workforce, and supportive regulatory environment make it the optimal state for us to develop this new renewable energy resource.
Click here to find grants to reduce energy use, improve energy efficiency, develop clean energy programs, and deploy technology to improve energy sustainability and conservation for state governments, local governments, overseas US territories, Indian tribes, small businesses, businesses, and entrepreneurs.