geothermal
Dec 19, 2024
AI’s Energy Hunger Fuels Geothermal Startups but Natgas Rivalry Clouds Future
The increasing energy demands of AI data centers are driving interest in geothermal energy startups, though competition with natural gas poses challenges.
Geothermal energy startups are gaining traction as major tech companies like Meta and Google seek sustainable power solutions for their AI data centers. Geothermal energy offers a reliable, carbon-free option and is cost-competitive with other energy sources. However, high upfront costs and lengthy project approval processes hinder rapid adoption, leading to limited investments totaling around $700 million since 2020. While some shale oil producers support geothermal energy, major oil companies still favor natural gas due to its reliability and ongoing carbon sequestration projects. The sector remains optimistic about increasing bipartisan support and potential government incentives that could boost geothermal energy investments and projects. Read more.
