GreenFire Energy Inc. and Stoic Transitional Resources have announced a pioneering collaboration effort for innovative geothermal energy solutions.
Through a cross-license agreement that covers GreenFire’s patented GreenLoop technology and Stoic’s patent-pending Flux Crossover, the companies will focus their efforts on repurposing existing oil and gas wells and non-productive geothermal wells to harness the potential of geothermal energy.
GreenFire’s Greenloop technology is a closed loop advanced geothermal system which provides solutions that assure the availability of resilient, sustainable and scalable geothermal energy for a range of applications, including power and direct use heating and cooling. The Stoic technology aims to enhance the GreenLoop performance.
Stoic’s Flux Crossover combined with the GreenLoop technology will enhance performance by optimising flow patterns, minimising parasitic heat loss and double heat transfer efficiency. The two companies announced a partnership last year for the development of geothermal projects through utilising abandoned wells in New Zealand and Canada.
Steven Brown, President of GreenFire Energy Inc., said, “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.”
Joe Tarrant, Co-Founder and Chief Commercial Officer at Stoic, commented, “Our commitment extends beyond innovation to fostering sustainable partnerships and empowering communities. Stoic’s pioneering approach to clean energy aligns perfectly with our mission, emphasising the value proposition for data centre customers.”
