Factor2 Energy receives $9.1 million for innovative geothermal technology

Factor2 Energy receives $9.1 million for innovative geothermal technology

Factor2 Energy, an innovation-driven company from Duisburg, has successfully raised $9.1 million in a seed financing round. The financing was provided by At One Ventures and also received support from other investors such as High-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures and Siemens Energy Ventures. The financial resources will be used to develop a CO₂-based geothermal power generation system and to build a pilot power plant.

The management team of Factor2 Energy, consisting of Michael Wechsung, Joerg Strohschein and Felix Boehmer – all formerly of Siemens Energy – has chosen a promising approach with their technology. This uses CO₂ instead of water or brine as the primary working fluid in the geothermal cycle. CO₂ is pumped into deep geological formations, where it absorbs heat and is then converted into electricity. This occurs in a closed loop system that reduces the need for pumps and significantly increases efficiency.

Sustainability and increased efficiency through geothermal energy

Geothermal energy is an important area in the current renewable energy debate, particularly in the context of the European Commission's efforts to promote carbon-neutral energy sources. This type of energy production is both locally available and cost-effective and can have the potential to save immense amounts of greenhouse gases, such as CORDIS emphasized. In developing countries in particular, increased use of geothermal energy could make a significant contribution to reducing CO₂ emissions.

The European Commission is actively supporting these developments through the Horizon 2020 program and aims to advance research and development in geothermal technology. A budget of EUR 172 million has been allocated to relevant projects to reduce costs and increase the performance of technologies. Historically, financing for geothermal energy has been weak compared to wind and solar energy, but current trends show increasing willingness to invest.

Technological advances and projects

One notable project is DEEPEGS, which is being carried out in Iceland, where successful drilling tests have taken place to develop improved geothermal systems. Other projects such as GEMex, which is investigating geothermal potential in Mexico, and GeoWell, which is developing new technologies for geothermal drilling, illustrate the innovative strength in this sector. These advances make it possible to use geothermal energy as a base-load, CO₂-neutral energy source for heat and electricity, while at the same time creating opportunities for material storage of energy sources.

Factor2 Energy's technological innovation could not only increase the efficiency of geothermal energy production, but also help support the EU's climate goals under the Green Deal, which aims to make Europe the first carbon-neutral continent by 2050. The geothermal deposits could also serve to store energy and CO₂, which further underlines the relevance of these technologies for future energy supply.

In summary, it can be said that developments in geothermal energy, particularly by companies like Factor2 Energy, can make a decisive contribution to achieving global climate goals. The combination of technological innovations and policy support could pave the way for a sustainable, zero-emissions energy future.