GreenFire Energy Inc. and Stoic Transitional Resources Inc. have announced a collaboration to pioneer innovative geothermal energy solutions. Through a cross-license agreement that includes GreenFire's GreenLoop and Stoic's Flux Crossover technology, the companies will focus on repurposing non-productive geothermal wells and existing oil and gas wells to harness the potential of geothermal energy and supply energy.
The Stoic technology aims to enhance the performance of GreenLoop. The intent is to supply energy to data centres, large-scale power consumers, industrial heat users, and sustainable agriculture operations through repurposed geothermal and oil and gas wells.
GreenFire Energy has developed a versatile, closed-loop advanced geothermal system (AGS) called GreenLoop. The company's expert geothermal team delivers GreenLoop solutions that assure the availability of resilient, sustainable, and scalable geothermal energy for a wide range of applications.
Stoic Transitional Resources Inc. brings its Flux Crossover technology and geothermal expertise to the partnership. Flux Crossover can be combined with the GreenLoop technology to enhance performance by optimising flow patterns, minimising parasitic heat loss, and doubling heat transfer efficiency.
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"Our commitment extends beyond innovation to fostering sustainable partnerships and empowering communities. Stoic's pioneering approach to clean energy aligns perfectly with our mission," Joe Tarrant, co-founder and CCO of Stoic, said, "emphasising the value proposition for data centre customers."
"We are pleased to be collaborating with Stoic Transitional Resources. GreenFire Energy's technology has the capability to economically repurpose idle geothermal wells and expand implementations in geothermal fields. Collaborating with Stoic's technology will enhance performance and broaden GreenFire Energy's solutions," Steven Brown, president GreenFire Energy, added.
As part of the collaboration GreenFire Energy has taken an equity position and a Board of Directors seat at Stoic.
