An American company revealed that taking advantage of geothermal energy reserves by drilling 22.4 miles into the ground will serve to meet people’s energy needs, as Matt Huddy, co-founder of Quaise Energy, a startup company in Massachusetts, will use special drilling equipment to vaporize rocks to harness thermal energy floor.
That heat beneath our feet, Hoody said, could provide enough clean, renewable energy to meet global demand and help the shift away from fossil fuels.
“The total thermal energy content stored underground exceeds our annual energy demand as a planet by a factor of one billion,” Hoody added.
However, it is not clear where the first hole will be drilled or the cost of the technology, although reports suggest it could be in the several billions.
Quaise Energy aims to operate the first drilling rig by 2024, the first well producing up to 100 megawatts of geothermal energy by 2026 and fossil power plants by 2028, providing clean energy worldwide.
It has already secured $52m (£43m) to help build its first drilling rig this year, with the company’s first plant likely to be in the western US region such as California, Oregon, Washington, Utah, Colorado or Nevada. , but aims to bring them all over the world.
The drilling technology was also developed at MIT over the past 15 years and has been demonstrated in the laboratory by drilling a hole in basalt.