15-year contract will provide enough reliable energy to power more than 13,500 Southern California homes while avoiding over 21,000 Metric Tons of Greenhouse Gas emissions each year
October 11, 2022 09:00 AM Eastern Daylight Time
LOS ANGELES--(BUSINESS WIRE)--Fervo Energy and Clean Power Alliance (CPA) are pleased to announce the execution of a 33 MW power purchase agreement (PPA) that will provide 24/7 carbon-free geothermal power to CPA, a community-driven, locally operated Southern California electricity provider. The 15-year contract will provide non-weather dependent, clean renewable energy to CPA’s 32 member communities across both Los Angeles and Ventura counties, encompassing more than three million residential and commercial customers.
Geothermal energy is heat within the earth and is a renewable energy source as heat is continuously being produced inside the earth. CPA selected Fervo Energy, a leading developer of next-generation geothermal energy, to increase its carbon-free energy deployment in response to a 2021 State of California mandate requiring load-serving entities to procure 1,000 MW of non-weather-dependent, zero-emission baseload energy. The project will dispatch 33 megawatts of baseload carbon-free geothermal energy from Beaver County, Utah to California's regional grid, with expected operation in the second quarter of 2028. The project will provide enough energy to power 13,559 Southern California homes per year while avoiding 21,005 metric tons of greenhouse gas (GHG) emissions each year. The project is estimated to create 723 new construction jobs and 27 permanent jobs.
“CPA is proud to contract with this new build geothermal resource, which uses cutting-edge technology to complement our existing renewable energy portfolio,” said Natasha Keefer, Clean Power Alliance’s Vice President of Power Supply. “Unlike solar and wind energy which are intermittent, geothermal energy delivers reliable renewable energy around-the-clock to our millions of Southern California customers.”
Fervo Energy brings a variety of innovative technologies to the geothermal power space including horizontal drilling and distributed fiber optic sensing that it uses to deliver more reliable and cost-effective projects. This approach makes geothermal power accessible in far more places than before and dramatically increases its potential as a widespread energy source.
“Fervo is making geothermal energy economic and scalable. This once-niche solution is becoming an increasingly indispensable part of the clean energy transition. Fervo is thrilled to bring this solution to CPA’s millions of Southern California residential and business customers,” said Dawn Owens, Head of Development at Fervo Energy.
Founded in 2017, Clean Power Alliance is the locally operated not-for-profit electricity provider for 30 cities across Los Angeles County and Ventura County, as well as the unincorporated areas of both counties. CPA is the fifth largest electricity provider in California and has the most customers receiving 100% renewable energy in the nation. CPA serves approximately three million people via one million customer accounts, providing clean renewable energy at competitive rates. To view CPA’s 2021 Impact Report, click here. For complete information regarding CPA visit www.cleanpoweralliance.org.
Fervo Energy provides 24/7 carbon-free energy through development of next-generation geothermal power. Fervo’s mission is to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. Geothermal has a major role to play in the future electric grid and Fervo’s key innovations bring a full suite of modern technology to make geothermal cost competitive. Fervo’s innovations include technologies such as advanced computational models, horizontal drilling, and distributed fiber optic sensing that have been developed with partners including Schlumberger, ARPA-E, and the Lawrence Berkeley National Lab. Fervo has an industry-leading development pipeline with projects with multiple partners including Google and East Bay Community Energy. Fervo’s investors and financiers include leading venture capital firms Capricorn and Breakthrough Energy Ventures, industry leaders Helmerich and Payne and BHP, and research support through Activate, ARPA-E, and the Department of Energy Geothermal Technologies Office. For more information, please visit https://www.fervoenergy.com.
Clean Power Alliance
## Inside this Issue ✈...
## Inside this Issue ☁️ ...
## Inside this Issue 🚚...
LOS ANGELES--(BUSINESS WIRE)--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, continues to grow in the Energy as ...
NORMAL, Ill.--(BUSINESS WIRE)--Rivian and Apex Clean Energy today announced the signing of a power purchase agreement (PPA) for 50 megawatts (MW) of electricity from the renewable energy company’s ...
*Acquisition of SGS Recovery, Frontier Fibers and Buffalo Fuel Corp. Accelerates Covanta's Transformation into North America's Leading Sustainable Materials Management Company* MORRISTOWN, N.J.,...
VIRGINIA BEACH, Va., Dec. 5, 2022 /PRNewswire/ -- With a continued commitment to reducing greenhouse gas emissions across the natural gas value chain, Virginia Natural Gas (VNG) announced today it ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.