Geothermal is gaining momentum as a climate-friendly energy source

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Geothermal is gaining momentum as a climate-friendly energy source

‘I am obsessed with geothermal,’ U.S. Energy Secretary Jennifer Granholm said this week.

Next-wave geothermal startup Eavor on Tuesday finalized a contract for roughly $96 million in grant financing from the EU Innovation Fund for a project in Germany, CEO John Redfern said in an interviewWhy it matters:Geothermal is a lower-profile and currently far smaller source of climate-friendly energy than wind and solar, but it’s increasingly on policymakers’ and financiers’ radars.

Driving the news:first commercial-scale project for itswe covered their tech in 2021The total cost for the project, which broke ground last year, is over $300 million, with planned finance also coming from other banking and equity sources, Redfern said.

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