Geothermal energy startups are on the rise as big tech firms seek sustainable energy solutions for data centers, yet long-term investments are hindered by uncertainties in financing and oil industry's focus on natural gas.
"Geothermal has been promoted as a faster way to generate carbon-free electricity than nuclear, and without the intermittency of wind and solar. But the startups still face high upfront costs, particularly for drilling, and long project approval times."
"We believe geothermal, along with abundant natural gas, can be part of the all-of-the-above energy mix we need to meet the demand," said Trey Lowe from Devon Energy, highlighting the dual role geothermal could play.
"In general, (there is) a lot more interest from smaller oil and gas producers as well as service companies . . . the supermajors seem to be taking more of a wait-and-watch view," noted Cindy Taff, emphasizing a cautious approach from larger companies.
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