Colorado awards $7.7 million in grants to harvest energy from Earth’s inner core | Colorado

(The Center Square) – Colorado is awarding multimillion-dollar grants to organizations aimed at finding ways to access energy from the Earth’s inner core.

About 35 projects will receive $7.7 million in grants from the Geothermal Energy Grant Program, funded by funds transferred from the state general fund.

Approximately $3.57 million will be allocated for preliminary studies, design studies and construction of the thermal energy network. Approximately $3.22 million will be used to fund confirmatory studies, drilling and testing.

Funds will be awarded upon meeting procurement requirements and deadlines, as well as project permitting and public engagement processes.

The fund was established through House Bill 22-1381 and transferred $12 million from the state general fund to the Geothermal Energy Grant Fund in fiscal year 2022-2023. From the current fiscal year through 2025-2025, the bill increases state spending on the Colorado Energy Office by $5 million per year for the grant program.

“Geothermal energy, the heat under our feet, is an untapped resource that can save people money on energy and improve air quality,” Democratic Gov. Jared Polis said in a statement announcing the grant. “Colorado is already a national leader in low-cost renewable energy, and now with these grants we are supporting the development of geothermal energy across the state.”

SIMCOE, LLC and Geothermal Technologies, Inc. received prizes of $1 million each. SIMCOE’s Florida Mesa geothermal project has developed an improved geothermal system that combines existing coalbed methane recovery infrastructure with advanced technology and data analytics, according to information from the Colorado Office of Energy.

“Successful implementation of this project could help unlock the potential of geothermal energy in southwestern Colorado, helping to reduce greenhouse gas emissions, strengthen energy resiliency, and create regional economic opportunities and jobs,” he says declaration of awarding the prize.

Geothermal Technologies, Inc. will conduct the drilling and confirmatory testing phase for a 3.2 MW geothermal plant located at the Longs Peak Dairy in Weld County.

“Following a successful demonstration, the facility is expected to be expanded to a 20-megawatt facility with the potential to expand to 180 to 200 megawatts,” the award statement said. “The electric power project will be one of the first demonstrations of geothermal energy in Colorado, enabling broader adoption of new technologies while providing opportunities for the region’s oil and gas industry.”

The University of Colorado will receive $675,000 for two projects. Approximately $500,000 will be used to fund power grid diagram projects on the Boulder campus.

“The project aims to decarbonize the heating and cooling systems on the campus, which covers more than 12 million square feet of air-conditioned space,” according to grant summaries.

Approximately $175,000 will go toward a geothermal feasibility study to implement technology that harnesses deep geothermal potential on all campuses.

“This study aligns with CU Boulder’s climate goals of carbon neutrality by 2050 and offers a promising transition model for transitioning away from fossil fuels to zero-emission electricity generation. The project also aims to evaluate the integration of shallow geothermal solutions for thermal energy network analysis.”