Colorado-based company, Gradient Geothermal, has announced it has received funding from the state Energy Office’s Geothermal Energy Grant Program for the execution of a landmark feasibility study in Pierce, Colorado.

The project will aim to test the viability of establishing a thermal energy network for the town of Pierce through heat extracted from local inactive wells. If successful, the project has the potential to transform the energy stability for communities in need while bolstering Colorado’s long-term economic outlook.

During the study, Gradient will analyse if the use of hot water after electric power generation via inactive wells in the Pierce Field can be channelled into a direct use thermal network for Pierce residents.

Dr. Benjamin Burke, Chief Executive Officer at Gradient Geothermal, said, “Gradient Geothermal is excited to help bring geothermal energy and power generation to Pierce Field, Colorado. We have a prime opportunity to bring new life to a mature oil field.

“Pierce can be a world-class ‘geothermal garden’ where both heat and electricity from geothermal power benefit the entire town and provide jobs for a workforce familiar with oil and gas.”

Governor Jared Polis commented, “Geothermal energy, the heat beneath our feet, is an underutilised resource that can save people money on energy and improve air quality. Colorado is already a national leader in low-cost renewable energy, and now with these grants, we are supporting more geothermal energy across the state.”