Geothermal energy is set to build on the current 0.3 percent market share of the world’s power supply. Installed geothermal capacity stands at 16.8 GW worldwide currently, but this is expected to reach 28 GW by 2030 and upwards of 110 GW by 2050.¹ The market growth trajectory is expected to attract investments of more than $120 billion between now and 2035.
Under our newly signed agreement with Sage Geosystems, a leading geothermal baseload and energy storage company, we will be able to support Sage’s agreement with Meta, the parent company of Facebook and Instagram, to deliver up to 150 MW of geothermal baseload power. The Memorandum of Understanding (MoU) engages ABB to collaborate on developing energy storage and geothermal power generation facilities that utilize natural heat from the earth’s core to produce clean electricity.
The first phase of the project is expected to be operational by 2027 and it could become a beacon for the clean energy potential of geothermal sources. In the US alone, it is thought that geothermal energy could capture enough natural heat resources to power more than 65 million homes, with little or no greenhouse gas emissions, according to the International Energy Agency (IEA).
Our role in the Sage collaboration will be to investigate how ABB automation, electrification and digital technology can be deployed at geothermal sites around the world, to maximize energy efficiency and reliability.
This may include supplying a distributed control system (DCS), electrical infrastructure architecture, and digital solutions such as asset performance management, process optimization and cybersecurity systems.