Energy

Geothermal Experts explore the future of the industry

Summary

Concerning renewable energy sources, it is no secret that Geothermal energy has been dormant for many years. However, things will get more interesting with the fame geothermal energy is gaining. Recently, it has begun trending with its massive areas of […]

Concerning renewable energy sources, it is no secret that Geothermal energy has been dormant for many years. However, things will get more interesting with the fame geothermal energy is gaining. Recently, it has begun trending with its massive areas of use. Regarding this matter, experts in the industry wonder about the ventures and the future of this industry. This article gives you conclusive details about the geothermal industry.

The question is, how can the geothermal industry spread interest in the field? Also, what are some of the factors that are affecting an industry that can power the planet? Geothermal energy is the best choice that can save the world from global warming since it gives us a chance to move from fossil fuels. In a recent report, eight experts addressed the industry’s issues in a virtual seminal held on February 16th.

The seminar was running under the name of “The Earth has Power. Let’s switch it On.” It was under the sponsorship of a Sweden Investment firm that focuses on geothermal projects.  From the discussion, experts concluded that you raise interest in the industry. The best factor is knowledge. The governments should find a way to explain the resources and share the potential of this industry. Some of the speakers at the conference spoke about some modern trends that are reshaping the geothermal industry. They include interest and investments in the oil and gas industry, where they are working towards drilling technologies that can reach where geothermal energy is stored.

Another topic discussed in the meeting is the potential of the geothermal industry. An expert from Baseload, Kristina Hagstromllievska, referred to the industry as the sleeping giant. Baseload’s chief officer explained how geothermal energy is more reliable in comparison to solar and wind energy. In addition to that, geothermal energy is readily available all over the world. Baseload’s chief operating officer, Pernilla Wihlborg, talked about how to realize the sector’s potential. It involves holding discussions to come up with ideas, insights, and reflections on the market trends. With that, the team could come up with solutions on the matter.

The other issue was on investments. In the seminar, Chevron and BP took up the chance to announce their new investment of $40 million in Eavor Technologies. This move is significant since it has been ages since the last grand investment in the sector. The representative stated the excitement in the venture the geothermal energy will take and their will to cooperate.

In addition to that, the world needs to invest in the latest technology to help in the mining process. In other words, it is vital to pay attention to the deep drilling technology sector. Finally, geothermal companies need to spread the word on the product to attract more customers.

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