from Teverra LLC
Permian Energy Development Lab and Teverra Announce Advanced Energy Partnership
A Significant Stride Towards Pioneering Advancements in the Energy Sector
ATLANTA, GA / ACCESSWIRE / March 18, 2024 / In a significant stride towards pioneering advancements in the energy industry decarbonization, the Permian Energy Development Laboratory (PEDL) and Teverra, a cutting-edge subsurface energy technology company, have joined forces in a groundbreaking partnership. This strategic alliance underscores a shared vision for fostering innovative energy solutions that not only benefit Permian communities but also propel the U.S. economy towards a sustainable future.
The announcement follows on the heels of important developments for both Teverra and PEDL. This month, Teverra won a contract with Colorado to conduct a comprehensive analysis of geothermal resources throughout the state. Late last year, the company won a multiple-year federal defense department contract to begin a geothermal initiative at Fort Wainwright in Alaska. Teverra has also received multiple R&D and commercialization awards totaling more than $5M from the Department of Energy (DOE) and the National Science Foundation (NSF) to develop and commercialize innovative subsurface energy technologies.
The Permian Energy Development Lab recently announced collaborations with SOLARCYCLE and the Roosevelt Firm. Those collaborations center on the planned development of a test facility in Yoakum County, Texas that integrates various advanced energy technologies. These include solar power, carbon net-negative oil production, carbon capture utilization and storage, low-carbon hydrogen production, treatment of produced water and agrivoltaics. Last year, PEDL won a National Science Foundation grant to lay the groundwork for a new regional innovation engine in the Permian Basin of Texas and New Mexico. The grant funding-$1M to cover a two-year period-is the first step toward a possible ten-year, $160M NSF investment.
"Teverra brings standout geothermal experience to the table-and that's a big deal for our Permian consortium and for the U.S. advanced energy sector," said Marilu Hastings of the Permian Energy Development Lab. "We're grateful for their expertise. And I know they share our commitment to advanced energy R&D in service of Permian communities."
"The energy sector is at a critical moment-an exciting moment-because there's greater attention and investment in a range of advanced energy technologies than ever before," said Hamed Soroush, Founder and CEO of Teverra. "We see our partnership with the Permian Energy Development Lab as an important step to the future of energy-an advanced, decarbonized energy economy."
PEDL's network of university- and national labs-based researchers and Teverra's track record in subsurface technologies represent a powerful combination of know-how and practical skill.
The collaborative efforts between PEDL and Teverra will primarily focus on pioneering projects in key areas, including subsurface energy storage design and development, geothermal resource assessment and development, geomechanics, carbon capture, utilization and storage, and hydrogen storage. Leveraging PEDL's extensive network of researchers and Teverra's proven track record in subsurface technologies, the partnership aspires to drive impactful innovations in the energy landscape.
For more information about PEDL and Teverra visit:
Contact Information
Hamed Soroush
CEO
hamed.soroush@teverra.com
SOURCE: Teverra LLC
View the original press release on newswire.com.