Firm Factor2 Energy secures $9.1 million investment to stimulate the use of CO2 for geothermal energy production.
Factor2 Energy, a pioneering German climate tech company, is making strides in the renewable energy sector with its innovative geothermal power systems. The startup, led by Michael Wechsung, Joerg Strohschein, and Felix Boehmer, aims to unlock scalable, clean, baseload geothermal power while enabling permanent CO2 storage.
The team at Factor2 Energy brings a wealth of experience to the table, having previously worked together at Siemens Energy. At Siemens, they pioneered an economically superior approach for geothermal power systems that replaces water or brine with CO2.
Factor2 Energy's unique selling point is its CO2-based system, which converts natural CO2 reservoirs and CCS storage sites into reliable baseload power. The system uses a closed-loop thermosiphon that circulates CO2 without subsurface pumps, and a direct-drive CO2 turbine that converts heat to electricity.
One of the key advantages of Factor2's approach is its ability to tap shallower, cooler resources that are uneconomic for conventional geothermal, reducing drilling costs. Under comparable geology, Factor2's approach can deliver up to twice the output of water-based systems.
Factor2 Energy's systems also avoid fracking, ultra-deep drilling, and water-intensive processes, making them more environmentally friendly than traditional geothermal power systems. The fluid in Factor2's system is cooled and reinjected, preserving long-term CO2 storage.
The startup's mission is to create a competitive levelized cost of electricity, and it plans to use its seed funding to advance the technology and develop a pilot power plant to demonstrate scalability. High-Tech Gruenderfonds, Grunderfonds Ruhr, Verve Ventures, Siemens Energy Ventures, and At One Ventures participated in the seed round for Factor2 Energy.
The location of the planned pilot plant has not been disclosed at this time. However, with its innovative approach and experienced team, Factor2 Energy is poised to make a significant impact on the renewable energy landscape.
Read also:
- United States Secures $632 Million to Fuel Electric Vehicle Revolution
- Clean energy companies HyFlux and AMRC secure financing from ATI for game-changing advancements in aeroplane cooling systems linked to clean aviation.
- DKSH Upgrades Distribution Operations Through Significant Technological Renovation
- Vegetable oils are similarly utilized in the process of road cleaning.
