Strategic Partnership for Subsurface Energy Storage and Geothermal Power Generation in California

Sage Geosystems, Inc. and California Resources Corporation (CRC) this week announced the signing of a Memorandum of Understanding (MOU) to establish a collaborative framework for pursuing commercial projects and joint funding opportunities related to subsurface energy storage and geothermal power generation in California.

This strategic partnership between Sage and CRC will focus on developing clean and reliable energy solutions in the State of California. Current estimates are that the global electricity demand will double by 2050, and this does not include the demand for data centers with artificial intelligence (AI) capabilities.

By leveraging their combined expertise and resources, the companies aim to achieve significant progress in the field of subsurface energy storage and geothermal power generation.

“This MOU marks a significant step forward in our commitment to develop sustainable energy solutions,” said Francisco Leon, CRC’s President and Chief Executive Officer. “By working together with Sage, we aim to develop innovative technologies that will contribute to California’s clean energy future.”

“We are excited to partner with CRC in California as the organization has a long-established presence in the state including strong relationships with state agencies and an understanding of the regulatory environment,” said Cindy Taff, Sage Geosystems Chief Executive Officer. “Together we hope our next generation geopressured geothermal technology will add much needed resiliency and reliability to the California power grid.”

_{Source: California Resources Corporation}

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