Green Field Energy is a renewable energy company focused on the exploration and development of geothermal energy. The company’s mission is to provide clean and sustainable energy to millions of households worldwide through cutting-edge geothermal processes and technology. In the future, renewable technologies such as geothermal will be required to contribute a significant portion of total energy consumption.
A 2007 U.S. Geothermal Energy Market Report, projects that the sales of geothermal powered electricity will increase six-fold from $1.8 billion today to $11.0 billion by 2025.
Geothermal is an attractive energy resource because it can provide a constant source of renewable “base-load” electricity. A base-load power source is one that provides a steady flow of power regardless of total power demand by the grid or environmental conditions such as wind or solar. In addition to the base-load characteristics, powerful market forces are driving the geothermal market such as increasing energy consumption, requirements for environmentally friendly energy sources, volatility of fossil-fuel prices, and state and federal-driven policies for renewable power.
Renewable Portfolio Standards (RPS) are state-driven initiatives currently adopted by 32 states and the District of Columbia and either mandate or set goals that electrical utilities must obtain a minimum level of energy from renewable energy sources by a stated deadline. For example, California has one of the most ambitious RPS requirements in the country. California’s RPS target is to achieve a 20 percent renewable supply by 2010, with a mandate to achieve 33 percent by the end of 2020.
On a federal level, the American Recovery and Reinvestment Act of 2009 (ARRA) was passed containing several provisions for federal tax credits and grants for renewable energy projects. The law provides the opportunity for geothermal developers to elect to receive either a 30% investment tax credit (or an immediate tax grant) of plant costs or a production tax credit on each kWh produced (2009 was 2.2 cents per kWh) over the first ten years of commercial operation.
Green Field Energy believes that because of these resource characteristics and market drivers geothermal will become a highly coveted renewable energy source.
The company has strategically acquired assets in Utah, which are located in areas defined as Known Geothermal Resource Areas (KGRA) and are close to transmission infrastructure. The U.S. Geological Service defines KGRAs as locations that have proven potential to support geothermal power. In addition, Green Field Energy understands the importance of a premium heat source for the harvest. The company’s lead project has an existing well and recorded temperature of over 300° F. Note: Geothermal plants using binary technology can produce electricity from heat sources as low as 165° F.
The company’s strategy is to build a
productive portfolio of over 100 megawatts (MW) of renewable geothermal
energy. Green Field plans to use a
phased approach and have started with smaller plant capacity levels (i.e. 3MW
vs. 10MW). Using this approach
mitigates upfront risks, construction costs, and time-to-market
Founded in 2007, Green Field Energy considers its management team to be a key competitive strength. The executive team brings valuable industry specific knowledge in the geothermal market from companies such as U.S. Department of Energy, U.S. Geothermal, and Pacific Corporation as well as cross-functional experience from well-known companies such as the Hewlett Packard, Autobytel, and KPMG.
Green Field Energy has been privately funded and is positioned for
a Series A offering in 2012.
Green Field Energy is a private company headquartered in Sandy, Utah
with offices in San Juan Capistrano, California.
Green Field Energy has been privately funded and is positioned for a Series A offering in 2012. Green Field Energy is a private company headquartered in Sandy, Utah with offices in San Juan Capistrano, California.
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