Sage Geosystems and California Resources Corporation Form Strategic Partnership for Subsurface Energy Storage and Geothermal Power in California
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Sage Geosystems, Inc. and California Resources Corporation Announce Strategic Partnership for Subsurface Energy Storage and Geothermal Power Generation in California By Investing.com
LONG BEACH, Calif. & HOUSTON--(BUSINESS WIRE)--Sage Geosystems, Inc. (Sage (LON:SGE)) and California Resources Corporation (NYSE: NYSE:CRC) today 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 press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240923425222/en/ 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 our 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. About California Resources Corporation California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects. For more information, please visit crc.com. About Sage Geosystems Sage Geosystems was founded in 2020 and is developing energy storage and geothermal baseload technologies deep in the earth. The Sage Geosystems team has over 200 combined years in the oil and gas industry, with experience delivering major projects including Deepwater, Arctic, and Unconventional shales. The company is headquartered in Houston, Texas. For more information, visit www.sagegeosystems.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20240923425222/en/
[2]
Sage Geosystems, Inc. and California Resources Corporation Announce Strategic Partnership for Subsurface Energy Storage and Geothermal Power Generation in California
Sage Geosystems, Inc. (Sage) and California Resources Corporation (NYSE: CRC) today 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 press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240923425222/en/ 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 our 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." About California Resources Corporation California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects. For more information, please visit crc.com. About Sage Geosystems Sage Geosystems was founded in 2020 and is developing energy storage and geothermal baseload technologies deep in the earth. The Sage Geosystems team has over 200 combined years in the oil and gas industry, with experience delivering major projects including Deepwater, Arctic, and Unconventional shales. The company is headquartered in Houston, Texas. For more information, visit www.sagegeosystems.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20240923425222/en/
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Sage Geosystems Inc. and California Resources Corporation have announced a strategic partnership to develop subsurface energy storage and geothermal power generation projects in California, aiming to advance clean energy solutions and support the state's decarbonization goals.
Strategic Partnership Announcement
Sage Geosystems Inc. (Sage) and California Resources Corporation (CRC) have unveiled a strategic partnership aimed at developing subsurface energy storage and geothermal power generation projects in California
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. This collaboration marks a significant step towards advancing clean energy solutions and supporting California's ambitious decarbonization objectives.Project Focus and Technology
The partnership will leverage Sage's proprietary technologies, including Advanced Geothermal Systems and Downhole Energy Storage, to create innovative energy solutions
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. These technologies are designed to utilize existing oil and gas infrastructure, potentially transforming them into valuable assets for clean energy production and storage.Benefits and Implications
This strategic alliance is expected to bring several benefits:
- Advancement of clean energy solutions
- Support for California's decarbonization goals
- Potential repurposing of existing oil and gas infrastructure
- Creation of new job opportunities in the clean energy sector
Company Backgrounds
Sage Geosystems, founded in 2020, is a Houston-based company specializing in subsurface energy solutions
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. Their focus on developing clean, dispatchable power and energy storage technologies positions them as a key player in the transition to sustainable energy.California Resources Corporation, the largest oil and natural gas producer in California, has been actively working towards incorporating more sustainable practices in its operations
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. This partnership aligns with CRC's commitment to energy transition and environmental stewardship.Market Impact and Future Prospects
The collaboration between Sage and CRC has the potential to significantly impact the energy landscape in California. By combining Sage's innovative technologies with CRC's extensive infrastructure and geological expertise, the partnership aims to accelerate the development of clean energy projects across the state
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Executives' Perspectives
Cindy Taff, CEO of Sage Geosystems, expressed enthusiasm about the partnership, stating, "We are excited to partner with CRC to bring our technologies to California." She emphasized the potential of their solutions to provide clean, renewable power while utilizing existing infrastructure
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.Mac McFarland, President and CEO of CRC, highlighted the alignment of this partnership with their 2045 Full-Scope Net Zero Goal and California's energy transition objectives. He noted the potential for creating new job opportunities and repurposing existing assets for clean energy production
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.Regulatory and Environmental Considerations
While the partnership shows promise for advancing clean energy solutions, it will likely face regulatory scrutiny and environmental assessments. The companies will need to navigate California's stringent environmental regulations and demonstrate the safety and efficacy of their technologies in repurposing existing oil and gas infrastructure for clean energy purposes.
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