US Energy Dept Eyes $165 Million Investment in Geothermal, Oil and Gas Group

The U.S. Department of Energy (DOE) is planning up to a $165 million new investment in a geothermal power initiative that would utilize expertise from the oil and gas industry to unlock energy resources and move away from fossil fuels.

Geothermal energy, which taps into heat within the earth, currently makes up less than 1% of the U.S. energy mix. If harnessed, it could generate 8.5% of all U.S. electricity generation by 2050, the department said.

The DOE will initially provide $10 million to fund a consortium to study issues in the geothermal sector and then provide $155 million over the next four years on research for the project, called the Geothermal Energy from Oil and Gas Demonstrated Engineering initiative.