Factor2 Energy Secures $9.1 Million to Unlock Geothermal Energy from Stored CO₂
In an exciting development within the clean energy sector, Factor2 Energy, based in Duisburg, Germany, has successfully raised $9.1 million in seed funding to advance the innovative technology for generating geothermal energy using geologically stored CO₂. This funding round was led by At One Ventures with contributions from notable investors such as High-Tech Gründerfonds (HTGF), Gründerfonds Ruhr, Verve Ventures, and Siemens Energy Ventures.
With this capital, Factor2 Energy plans to further develop its groundbreaking geothermal energy production system, which utilizes CO₂ as the working fluid instead of conventional water or brine. This distinctive approach, stemming from the innovative minds of co-founders Michael Wechsung, Joerg Strohschein, and Felix Boehmer, all former Siemens Energy employees, promises not just an eco-friendly energy source, but one that is economically advantageous.
At the core of Factor2's technology is a process that injects either natural or captured CO₂ into deep, porous geological formations. Here, the CO₂ absorbs heat from surrounding rocks, which decreases its density, thus initiating a natural circulation driven by buoyancy—often referred to as the thermosiphon effect. This allows the CO₂ to ascend through production wells, minimizing reliance on pumps and reducing overall energy consumption and mechanical complexity.
At the surface, the heated CO₂ is converted to electricity using a direct-drive CO₂ turbine system. After expansion within the turbine, the CO₂ is subsequently cooled and re-injected into the reservoir, ensuring a closed-loop system that maintains long-term CO₂ storage while continuously generating electricity.
Compared to traditional water-based geothermal systems, the CO₂-based method can yield up to double the power under equivalent geological conditions, while also requiring lower investment expenditures (CAPEX).
Felix Boehmer, the CEO and co-founder of Factor2 Energy, highlighted the benefits of utilizing this technology: "Our approach enables emission-free electricity generation that is not only efficient but also provides baseload power, making it particularly appealing for traditional oil and gas companies that seek to diversify their operational assets." This technology leans on proven solutions from the oil and gas sector, leveraging expertise in drilling and geological knowledge.
Notably, this technology significantly enhances the options for site selection and operational convenience. Using CO₂ facilitates access to a broader range of geological sites, allowing heat extraction in areas unsuitable for conventional geothermal systems. By tapping into shallower and less hot geological formations, drilling costs are lowered while expanding the feasible locations for power plants.
The importance of reliable, inexpensive baseload energy has never been more critical in the quest for broader electrification. Helen Lin, a partner at At One Ventures, emphasized that the fluid physics of CO₂ as a geothermal working fluid has the potential to double energy output at similar depths and temperatures as traditional geothermal plants. This results in efficiencies that could make previously uneconomic sites viable for energy production.
Timo Bertsch, the investment director at HTGF, noted that their investment in Factor2 Energy is poised to significantly increase global geothermal potential while providing a unique transformation of CO₂ storage sites into productive energy stations.
With this significant funding round, Factor2 Energy looks well-positioned to advance its vision of scalable, clean geothermal energy while promoting permanent carbon storage. As the world transitions towards sustainable energy models, innovations like those from Factor2 will play a crucial role in shaping the future of energy production.
With this capital, Factor2 Energy plans to further develop its groundbreaking geothermal energy production system, which utilizes CO₂ as the working fluid instead of conventional water or brine. This distinctive approach, stemming from the innovative minds of co-founders Michael Wechsung, Joerg Strohschein, and Felix Boehmer, all former Siemens Energy employees, promises not just an eco-friendly energy source, but one that is economically advantageous.
The Technology of Clean Energy Production
At the core of Factor2's technology is a process that injects either natural or captured CO₂ into deep, porous geological formations. Here, the CO₂ absorbs heat from surrounding rocks, which decreases its density, thus initiating a natural circulation driven by buoyancy—often referred to as the thermosiphon effect. This allows the CO₂ to ascend through production wells, minimizing reliance on pumps and reducing overall energy consumption and mechanical complexity.
At the surface, the heated CO₂ is converted to electricity using a direct-drive CO₂ turbine system. After expansion within the turbine, the CO₂ is subsequently cooled and re-injected into the reservoir, ensuring a closed-loop system that maintains long-term CO₂ storage while continuously generating electricity.
Compared to traditional water-based geothermal systems, the CO₂-based method can yield up to double the power under equivalent geological conditions, while also requiring lower investment expenditures (CAPEX).
Meeting Energy Needs Efficiently
Felix Boehmer, the CEO and co-founder of Factor2 Energy, highlighted the benefits of utilizing this technology: "Our approach enables emission-free electricity generation that is not only efficient but also provides baseload power, making it particularly appealing for traditional oil and gas companies that seek to diversify their operational assets." This technology leans on proven solutions from the oil and gas sector, leveraging expertise in drilling and geological knowledge.
Notably, this technology significantly enhances the options for site selection and operational convenience. Using CO₂ facilitates access to a broader range of geological sites, allowing heat extraction in areas unsuitable for conventional geothermal systems. By tapping into shallower and less hot geological formations, drilling costs are lowered while expanding the feasible locations for power plants.
Potential Impacts and Future Prospects
The importance of reliable, inexpensive baseload energy has never been more critical in the quest for broader electrification. Helen Lin, a partner at At One Ventures, emphasized that the fluid physics of CO₂ as a geothermal working fluid has the potential to double energy output at similar depths and temperatures as traditional geothermal plants. This results in efficiencies that could make previously uneconomic sites viable for energy production.
Timo Bertsch, the investment director at HTGF, noted that their investment in Factor2 Energy is poised to significantly increase global geothermal potential while providing a unique transformation of CO₂ storage sites into productive energy stations.
With this significant funding round, Factor2 Energy looks well-positioned to advance its vision of scalable, clean geothermal energy while promoting permanent carbon storage. As the world transitions towards sustainable energy models, innovations like those from Factor2 will play a crucial role in shaping the future of energy production.
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