Oscar Martin Olof Steen set up Energeotek in Stockholm in 2011, seeing the company`s mission in development of technological solutions in the field of geothermal energy. Major achievements over the years of operation include development of NxGeo technology, which helps significantly increase generation efficiency, and implementation of geothermal power capacity projects. The company is a regular participant in European meetings over sustainable power generation. Energeotek is working towards the goal of raising renewables-based electricity generation rates on a global scale.
The principle behind geothermal energy is not difficult: the earth's internal heat rises closer to the core. By drilling two wells 2-6 km deep, it is possible to move fluid with temperature anywhere between a hundred and several hundred grades to the surface. The equivalent depth of a shaft in Sweden is 5 km. When water reaches the surface and moves to the geothermal unit, heat exchange with the secondary heat transfer fluid of a lower boiling point takes place. Next, water changes into steam, driving the turbine for electricity generation, while hot water is used in central heating and cooling.
Geothermal power stations produce electricity from renewable sources that are in inexhaustible supply. This type of electricity generation eliminates the possibility of harmful emissions into the atmosphere, as it happens in the case of coal and nuclear generation.
The current aggregate capacity of the world's geothermal power plants is 14 GW, with a mere 16% of the known resources used. At the same time, the global potential of the geothermal sector is about 80 GW. As the technologies develop, the production process gets simpler and profitability goes up.
Geothermal energy sources differ from other renewables mainly in their ability to ensure stable electricity supply no matter the season or weather. For instance, solar energy-based electricity can be obtained only during the daytime, while wind turbines work only under the required wind speed conditions and have a working life of some 20 years. In contrast, geothermal power stations stay in operation for at least 60 years.
Old-type power stations are fully dependent on fuel, the reason why prices for their product are directly determined by fluctuations in market prices for mineral resources. Given the fact that geothermal power stations run on renewables, prices for this electricity are stable. Moreover, as geothermal energy technologies develop, equipment will become less expensive, while production efficiency will rise, improving competitiveness of the sector.
Energeotek has strong presence in the Swedish energy market. While the agreements signed with the end user guarantee the generated electricity is sold, there are also contracts concluded with an investment platform attracting financing for the project to build a 15 MW production block. It is estimated that EUR 30 million worth of investment is required. The main advantage of the project is its production focus, which means there are no additional expenses, apart from maintenance and auxiliary power. This is a project with a high rate of return due to NxGeo® at its core, the technology developed by the company as a comprehensive solution to the majority of problems related to geothermal energy sources.