In the energy transition environment Rock Energy is using hydrocarbon industry business models and oil field technology to enter the geothermal industry in a more direct way where we also operate the asset and provide the end user heat/electricity. In that we start with direct energy wells based on single injection and production wells where the energy user is in proximity of the well site. We use innovative drilling and completion technologies, in combination with multi-physics geophysical imaging to find sweet spots within the normal geothermal gradient background. The produced warm water is used for multiple heating purposes, either as independent standalone systems (heating of surface areas, runways, sport arenas…) or integrated in new or existing district heating systems (office buildings, airports, shopping centers….). Where the return temperatures are high enough, some of the energy output will be in the form of standalone electricity production. An initial project at Gardermoen Oslo airport where 2 wells drilled to 1500 m keeping the engine testing ground ice-free during winter, demonstrate the value of independent energy production close to end users and show considerable potential for replacing electricity usage for heating purposes with clean, green everlasting energy supply. The concept is scalable with regards to energy yields, both by increasing well numbers and the increased energy output by going deeper (higher temperatures – 3000 to 5000 m). The business model is based on developing independent energy plants sold as turnkey projects and/or building, owning and operating assets with long term lease arrangements that produces royalty and leasing revenues. We have identified a large global market for this type of energy production and will extend the business model in the near future to include larger geothermal assets and users internationally.
Presentation Date: Monday, October 12, 2020
Session Start Time: 1:50 PM
Presentation Time: 2:15 PM
Location: 361F
Presentation Type: Oral
