The International Energy Agency (IEA) earlier this year reported that its analysis of recent data on geothermal power showed financing for the sector reached nearly $2.2 billion last year. The investment represents an 80% increase from the prior year, and IEA said it shows exponential growth from just $22 million of investment in 2018.

Industry analysts have said geothermal likely will continue to grow, in large part due to increased demand for energy worldwide, and drilling technology advancements supported by the oil and gas industry. The IEA recently said next-generation geothermal could meet up to 15% of worldwide demand for electricity by mid-century.

XGS Energy, with offices in Palo Alto, California, and Houston, Texas, is a geothermal energy company with a closed-loop system. The company said its “smallest modular unit is a single well, pipe-in-pipe heat exchanger, in which working fluid, typically water, is circulated inside a steel casing, warms up, and then is returned to the surface through an inner insulated tube.” The liquid can be used repeatedly to transfer heat to an above-ground power plant.

Read more in Power Magazine here.

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