Partnership to deliver geothermal heat to Alberta communities & businesses
Converting inactive wells to provide geothermal heating & cooling
Epoch Energy Development (Epoch) is excited to announce a partner with Algar Geothermal Inc (Algar). Algar has developed proprietary technology that allows the conversion of end-of-life oil and gas wells to provide geothermal heating & cooling. This technology can be installed into a single wellbore and give a second, greener life to these assets. By converting wells, Algar’s solution can take advantage of the more consistent temperatures at depths over 1,500 metres. Algar has independent confirmation that their technology can provide baseload heating and cooling (i.e., 24 hours, 7 days a week, 365 days a year).
The purpose of this partnership is to join our expertise to advance to a pilot project here in Alberta. With a successful pilot we can move to commercialize this technology starting in the Western Canadian Sedimentary Basin. An initial model using a converted 2,500 metre deep well can support a 1,600 square metre greenhouse. It is estimated that our solution can offset 110 tonnes of carbon dioxide and is expected to have installed costs of $6-8 per gigajoule of heat. This technology can be applied to other high-heat loads, including warehouses, manufacturing facilities, recreation centres, hospitals, district energy systems, hotels, and more.
Geothermal energy represents an exciting growth opportunity around the world. With the recent support from the governments of Canada and Alberta to support geothermal from a regulatory and funding perspective, we see the growth potential. Epoch and Algar, both Alberta based private companies, are excited to become part of the solutions to inactive well liability issues, and the drive towards a net zero carbon economy.
What motivates us to work together?
Rising carbon tax means that by 2030, natural gas will be closer to $16 per gigajoule.
The International Energy Agency estimates the global geothermal power capacity will grow 28% by 2024. In the same period, direct-use for heating & cooling will grow 40%.
There are over 60,000 wells with the potential to produce commercial grade heat.
If you have any questions or want to learn more, contact Blair Shunk, Co-Founder & Director of Business Development (blair.shunk at algargeothermal.com) or visit Algar's website: www.algargeothermal.com