Searing heat waves in California this summer highlighted the need for reliable clean electricity – and more western states are turning to geothermal in response.
Geothermal is reliable, runs with zero emissions, and has a small land footprint, which is increasingly valuable as other large-scale renewables face siting challenges.
But, the biggest challenge keeping geothermal from reaching its full potential is development limitations on federal land.
What’s clear: Between investment, demonstrations, and ongoing research, it’s clear that geothermal’s time has come. It’s time for the federal government to get out of the way and let this clean, reliable energy source flourish.
Plug in: Our Managing Director for Research and New Initiatives Spencer Nelson explains in a new blog post.
2. Texas applying for Class VI primacy
With its thriving oil and gas industries and growing number of clean energy tech projects, Texas is an energy capital of the world. In order to continue advancing clean energy, the the state is applying for Class VI primacy.
The Texas Railroad Commission is planning to submit an application to build the carbon sequestration wells to the Environmental Protection Agency (EPA).
If the application is successful, Texas will join North Dakota and Wyoming – the only two states with Class VI primacy.
States’ applications must demonstrate that their own environmental standards are as strong as EPA’s.
Granting primacy to individual states who are closer to project deployment will allow projects to be permitted much faster. In some instances, EPA has taken six years to approve applications, whereas North Dakota, which has primacy, was able to permit its first Class VI well just five months after receiving an application.
Plug in: While promising technologies are being developed to capture and store carbon emissions, we can only do so as fast as we can permit the projects. The success of the rapidly growing number of projects hinges on the ability to timely obtain a Class VI permit.
3. $450 million raised for long-duration energy storage tech
Energy storage startup Form Energy has raised $450 million from investors like steel manufacturer ArcelorMittal and private investment company TPG.
Form Energy develops iron-air batteries, an alternative to traditional lithium-ion batteries with the potential to store electricity for multiple days at low cost.
Iron-air batteries are well-suited to provide long-duration, grid-scale storage, with secure supply chains that do not depend on critical minerals.
The company plans to use these investments to fund construction of its first large-scale battery manufacturing facility and begin selling its batteries to customers.
Plug in: Spencer Nelson testified before the Senate Energy and Natural Resources Committee on the importance of storage alternatives like iron-air batteries. Read his testimony here.
Duke Energy released an update on their strategy and climate goals for 2022 which includes investing in new clean energy technology. Duke’s goals include:
Investing in natural gas, hydrogen, nuclear, and renewables;
Modernizing transmission infrastructure to provide greater reliability;
Supporting clean energy jobs;
Improving affordability for customers; and
Providing transparency on their emissions reduction goals.
What’s clear: Most investor-owned power companies in America have bold goals to reduce power sector emissions by 2050. Duke Energy’s plan to reach zero emissions includes significant hydrogen and renewable natural gas, a strong market signal that innovation on these technologies is possible on the country’s largest electric grid.
5. ICYMI
Our CEO Rich Powell joined Rep. Tim Burchett (R-TN) on his podcast to discuss how the private sector is accelerating clean energy development while boosting the economy.
John Hart wrote an opinion piece on how Republicans can lead on permitting reform in C3.
That’s all from us. Thanks for reading and have a great weekend!
