Engineering geothermal’s global, exponential growth by 2030
We aim to unlock global exponential growth of geothermal by facilitating the rapid transfer of resources, technologies, and know-how from the oil and gas industry toward geothermal energy production.
We’re on a sprint to complete our mission by 2030. By the end of this decade – when our work is complete – geothermal energy development will be on an exponential roll with the oil and gas industry engaged on a worldwide scale.
Our two-phased approach
To meet our aggressive timeline, we’ve adopted an approach focused on the major barriers standing in the way of exponential growth of geothermal development.
Phase I
A global geothermal resource and prospecting map
Launched in fall 2022, the InnerSpace Phase I initiative will publish an interactive global geothermal resources map in 2024, which will serve as a development guide for stakeholders. Phase I is being developed by a global team of experts with funding provided by Project InnerSpace as part of our R&D portfolio, and in partnership with a multinational technology partner.
Phase II
A global deployment sprint for first-of-a-kind geothermal projects
The Geothermal Exploration Opportunities Fund (“GeoFund”) will deploy teams of innovators into the field to build first of a kind geothermal pilots. These teams will accelerate and demonstrate the unique ability of geothermal resources to decarbonize tough-to-address sectors, such as industrial processes and heat.
Goals of InnerSpace Phase I & II
1
Deploy a disruptive roster of innovative geothermal start-ups experiencing delay due to funding scarcity into the field, leveraging our Phase I prospecting map to identify high-impact pilot locations.
2
Drive fast engagement in geothermal development within a critical mass of oil and gas entities, while concurrently proving the application and impact of bleeding-edge oil and gas technologies and methods on geothermal projects.
3
Reduce risk associated with new scalable geothermal concepts sufficiently to catalyze significant private investment via traditional project financing mechanisms.
GeoFund will prioritize projects proposed in parts of the world that are experiencing energy poverty, and in regions that are expected to contain the world’s top population centers in 2050.
