GFE Sustainable, Inc. (GFE) and its affiliates, are an American renewable energy resource provider founded in 2009. The GFE group focuses on helping the United States meet its goal of energy independence through the exploration and development of geothermal resources and other clean and sustainable technologies.
GFE’s long-term mission is to develop clean and sustainable energy resources for sale in the US to established, vertically integrated energy developers, utilities or municipalities through proven processes and advanced technologies; boosting local, national and international economies with significant job creation and employment opportunities, while contributing to reduce carbon footprints.
Prince Piero Ginoli Conti tested the first geothermal power generator in Larderello, Italy on July 4, 1904. In 2013 the plant in Larderello celebrated its 100th anniversary! In 1921, the first US geothermal wells were drilled at the Geysers, a resort 72 miles north of San Francisco, California. The first commercial US geothermal utility power plant went on the grid in 1960, producing 11 megawatts of power. The original turbine system lasted for 30 years!
Geothermal electrical power represents a multi-billion dollar, growing sector. The total installed capacity from worldwide geothermal power has increased nearly 85% from 1995 to 2015, and produced energy has risen 93% in that time as well.
The forecast for geothermal energy growth comes on the heels of a strong 2014. The Geothermal Energy Association (GEA) reports that the world market reached upwards of 12.7 GW of operational geothermal power in 24 countries, reflecting about 700 MW of combined added growth. By comparison, the global industry added about 600 MW in 2013. As of the end of 2014, there are also 11.7 GW of capacity additions in development and 1.8 GW of power under construction in 80 countries.
The World Bank is aiding in global growth through its focus on early risk mitigation. In tandem to this work, governments continue to develop and adopt policies to meet electricity demand. GEA forecasts the forward-moving trajectory will continue for at least another decade and globally, geothermal energy production should reach at least 20 GW by 2024.
According to new data released by the International Renewable Energy Agency (IRENA), renewable generation capacity increased by 152 GW or 8.3% during 2015. This marks the highest global growth ever. Renewable Capacity Statistics 2016 finds that as of the end of 2015, existing global renewable generation capacity was 1,985 GW.
Current and future Renewable Portfolio Standards (RPS) for most US States will require a large portion of their electrical power needs to come from clean power sources. These sources must be reliable and constant, with base-load characteristics and peak demand requirements.
There are three fundamental criteria in locating and developing a successful geothermal site; the first requirement is land with a proven tectonic heat resource beneath it; second, clean water for use in developing and extracting the resource; and third, a strategic location along existing transmission corridors.
In addition to our site’s geothermal and advantageous solar potential, powerful market and political forces are also driving the geothermal base-load market such as the Renewable Portfolio Standards, as well as requirements for environmentally friendly energy sources, volatility of fossil-fuel prices, state and federal driven mandatory clean energy use policies for replacement of fossil based energy development, and the overall US energy demand increase. According to the IEA/OECD, Population OECD/World Bank “the US energy use has increased by 20% over the last 20 years”.
GFE believes that as a result of these resource characteristics and market drivers, combined geothermal and solar energy sites will become highly coveted renewable energy sources.
GFE understands the importance of a premium heat source for harvesting geothermal heat. The company’s lead project is located in one of the largest geothermal anomalies in the Western US, which has an estimated total capacity of over 274 mega-watts. (Table 12, P-128 UREZTF Phase 1 Report).
The company is prepared to increase its holdings, and is negotiating to acquire additional sites, which are located in or close to areas defined as Known Geothermal Resource Areas (KGRA). Other sites are in advantageous solar radiation zones and are also close to existing transmission corridors or in proximity to electrical substations.
Some of the portfolio sites lend to “hybrid” power development for both geothermal and other sustainable power resources. Independent reports estimate potential capacity between 175 MW and 475 MW +/- at select sites. Since geothermal resources provide true “base-load” power, demand continues to increase. GFE’s geothermal property is located in the State of Utah, one of the top 3 geothermal states.
GFE has attracted an excellent team of business and development professionals, each one with a history of success in his respective area of specialty and all committed to providing an unparalleled, successful corporate culture and environment. Team members bring valuable industry specific knowledge and experience in the geothermal and other renewable energy markets from both public and private companies, utilities and resource developers. GFE’s team of seasoned professionals provides key competitive strength with a broad range of national and international experience, and an understanding of the economies of scale.
Geothermal energy is a proven, over 100 years old, technology, is on the grid producing over 10,000 megawatts (“MW”) in 24 countries worldwide, and meets the current needs of 60 million people. The United States Geothermal Industry had about 3.5 gigawatts (“GW”) of installed nameplate capacity and 2.71 GW of net capacity at the end of 2014. In total, the US market had about 1,250 MW of geothermal power under development. In a 2015 report from the University of Michigan Center for Sustainable Systems, it was noted that electricity generated from geothermal power plants is projected to increase from 16.6 billion kilowatt hours (“kWh”) in 2014 to 69.6 billion kWh in 2040. Recently, the US President proposed a Federal Clean Energy Standard to obtain 80 percent of American electricity from these and other clean sources by 2035. There are presently 3,525 MW of geothermal power plants in operation in the United States—the most of any country—and more than 1,250 MW in 83 projects are in development. GFE has developed strategic alliances and partnerships to meet both current and future demand for energy.
The GFE executive management and project teams will continue to increase the Company’s geothermal capacity and resource base in order to provide clean and renewable energy to top retail utility providers. This will further reduce the carbon footprint of fossil fuel based power production and conserve and protect valuable clean water resources.
Geothermal— Relating to the internal heat of the earth. Power that is generated using the earth’s internal heat is call “geothermal energy”.
Geothermal Source Wells— Resource wells with sufficient temperature to be classified as a geothermal resource well.
KGRA— Known Geothermal Resource Area as defined by credible third party firms.
Renewable Portfolio Standards (RPS)— A renewable portfolio standard is a regulatory mandate to increase production of energy from renewable sources such as wind, solar, biomass and other alternatives to fossil and nuclear electric generation. It’s also known as a renewable electricity standard.
Types of Geothermal Power Generation
U.S. Deparment of EnergyRead More
Geothermal sites in Utah, either suitable or potentially suitable for electric power generation, are limited in number given current economics and technology.Read More
Impact of Enhanced Geothermal Systems (EGS) on the United States in the 21st CenturyRead More
A comprehensive assessment of enhanced, or engineered, geothermal systems was carried out...Read More