Jan 19 2010
GreenFire Energy is all set to use a novel patented technology with the signing of a technology sublicense agreement with AltaRock Energy. The innovative technology will enable a geothermal plant to produce power by using CO2 as the working fluid.
The “CO2G” technology, as GreenFire refers to it, will generate geothermal energy while sequestering large volumes carbon dioxide. GreenFire is aiming to be the first company to commercialize this technology in the world. By signing this agreement with AltaRock Energy, GreenFire has acquired exclusive rights to use this technology across a wide region centered on St. Johns Dome, which is located in Apache County, Arizona and Catron County, New Mexico. In addition, this agreement provides GreenFire non-exclusive access to the technology for the company to use it to develop other sites across the nation. Some of the sites have already been identified by the company.
GreenFire will be using this technology at the St. Johns Dome. Enhanced Oil Resources holds extensive carbon dioxide leases at the St. Johns Dome. GreenFire has entered into a joint venture agreement in September 2009 with Enhanced Oil Resources for accessing the CO2 in the dome for the CO2G development.
Mr. Mark P. Muir, President of GreenFire, said this CO2G technology extends the geothermal technology significantly and hoped to achieve commercialization of CO2G technology soon.
Source: www.greenfireenergy.com