Alberta-based FutEra Power Corp announced today it entered the project execution stage of its co-produced Geothermal Power Project in Swan Hills, Alberta. Therefore, the Company partnered with provincial and federal governments to invigorate the emerging geothermal industry.
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FutEra on starting project execution stage at Alberta’s Geothermal Power Project
Today, the Alberta-based subsidiary of Razor Energy Corp., FutEra Power Corp., announced it entered the project execution stage of its co-produced Geothermal Power Project in Swan Hills, Alberta. Accordingly, the publicly traded junior oil and gas company partnered with provincial and federal governments to enhance the emerging geothermal industry in Canada.
In fact, the provincial government made several efforts to harness a potential geothermal project at Swan Hills since 2011. Moreover, the plans for the now confirmed Project were lanced in 2019.
Accordingly, the Project now begins with field construction activities; mainly, with financial and in-kind support from Razor (“Stage Gate 1”).
Notably, Razor produces and injects large volumes of boiling water, a renewable form of geothermal energy. Moreover, the Company does this daily due to its ongoing conventional oil and gas operations and waterflood activities.
Accordingly, this hot water provides its subsidiary with the opportunity to capture geothermal heat energy and generate power with zero GHGs.
Provincial and Federal support
In this sense, FutEra partnered provincially with Alberta Innovates (“AI”) and Emissions Reduction Alberta (“ERA”). On the other hand, the Company partnered with Natural Resources Canada (“NRCan”). Therefore, both parties provided grants to complete funding.
With an estimated cost to complete of $20 million, Stage-Gate 1 will produce up to 3 MW of green geothermal electricity.
Similarly, the planned second phase of the Project (“Stage Gate 2”) will add a natural gas turbine and optimize the geothermal power efficiency. Thus, FutEra expects an additional $10 million cost.
Thus, with both Stage Gate 1 and 2 of the Project complete, the total nameplate electricity output will be 21 MW.
Notably, The University of Alberta (“U of A”) is a research partner in this Project. Therefore, it is conducting modeling on the heat potential of the Western Canada Sedimentary Basin.
So, the U of A endeavors to validate model theory with actual field data from the can harness the expertise and data in today’s Alberta resource industry.
Reception
“This project is one of the many examples of the amazing innovation happening in Alberta. Indeed, this cutting-edge technology is using existing assets to generate clean power; thus, putting Alberta on the map as a world leader in geothermal energy;” said Doug Schweitzer, Minister of Jobs, Economy, and Innovation.
Similarly, Steve MacDonald, CEO, ERA, pointed out; “This first-of-its-kind Project can help accelerate geothermal co-production and hybrid projects at other high-potential oil and gas sites across the province. Thus, ERA is pleased to have worked closely with our Trusted Partners, Alberta Innovates, and Natural Resources Canada. Mainly, to support this clean technology solution that will reduce emissions, lower costs, attract investment, and create jobs in Alberta.”
Doug Bailey, President & CEO at Razor and Executive Director of FutEra, said; “Razor and FutEra have committed to facing the challenges of producing energy with increasingly sustainable methods through novel and innovative solutions. Hence, this Project is the first of many engagements planned between our two companies. In fact, We deeply appreciate our public partners AI, ERA and NRCan and commend their vision. Together, we will build better outcomes for Albertans and our stakeholders.”
Finally, Lisa Mueller, President & CEO of FutEra, declared; “When you visit the field and lay your hand on pipe that is too hot to hold, your whole paradigm shifts. Indeed, that heat is earth heat and renewable. So, innovation is just a matter of working the challenge. Particularly, building on traditional best practices, and adding the twist to harvest earth heat. In addition, we have been collaborating with all the regulatory agencies to forge a new path for the industry. In brief, there are endless possibilities as we build FutEra into a leading sustainable energy company.”
