Quaise Energy and Nevada Gold Mines Partner on Deep Geothermal Pilot Plant to Decarbonize Mining
Quaise Energy and Nevada Gold Mines (NGM) are partnering to explore the decarbonization of NGM's TS Power Plant using deep geothermal energy. The project aims to hybridize on-site power generation, following NGM's recent completion of a 200-megawatt solar power plant. This marks the first commercial pilot for retrofitting a fossil fuel power plant with geothermal heat, supporting NGM's target of 30% reduction in GHG emissions by 2030. The partnership demonstrates deep geothermal's potential to compete with fossil fuels by producing up to 10x more power per well than traditional geothermal methods.
Quaise Energy e Nevada Gold Mines (NGM) stanno collaborando per esplorare la decarbonizzazione dell'impianto di energia TS di NGM utilizzando energia geotermica profonda. Il progetto mira a ibridare la generazione di energia in loco, seguendo il recente completamento da parte di NGM di un impianto solare da 200 megawatt. Questo rappresenta il primo pilota commerciale per la riconversione di un impianto di energia da combustibili fossili con calore geotermico, supportando l'obiettivo di NGM di una riduzione del 30% delle emissioni di GHG entro il 2030. La collaborazione dimostra il potenziale della geotermia profonda di competere con i combustibili fossili producendo fino a 10 volte più potenza per pozzo rispetto ai metodi geotermici tradizionali.
Quaise Energy y Nevada Gold Mines (NGM) están colaborando para explorar la descarbonización de la planta de energía TS de NGM utilizando energía geotérmica profunda. El proyecto tiene como objetivo hibridar la generación de energía en el sitio, tras la reciente finalización de una planta solar de 200 megavatios por parte de NGM. Este es el primer piloto comercial para adaptar una planta de energía de combustibles fósiles con calor geotérmico, apoyando el objetivo de NGM de una reducción del 30% de las emisiones de GHG para 2030. La asociación demuestra el potencial de la geotermia profunda para competir con los combustibles fósiles al producir hasta 10 veces más energía por pozo que los métodos geotérmicos tradicionales.
Quaise Energy와 Nevada Gold Mines (NGM)는 NGM의 TS 발전소의 탈탄소화를 탐색하기 위해 협력하고 있습니다. 이 프로젝트는 NGM이 최근 200메가와트 태양광 발전소를 완공한 이후 현장 발전을 하이브리드화하는 것을 목표로 하고 있습니다. 이는 화석 연료 발전소를 지열열로 개조하는 첫 상업 파일럿이며, NGM이 2030년까지 온실가스(GHG) 배출량을 30% 줄리기 위한 목표를 지원합니다. 이 파트너십은 깊은 지열의 잠재력이 전통적인 지열 방식보다 우물당 10배 더 많은 전력을 생산하여 화석 연료와 경쟁할 수 있음을 보여줍니다.
Quaise Energy et Nevada Gold Mines (NGM) s'associent pour explorer la décarbonisation de la centrale TS de NGM en utilisant l'énergie géothermique profonde. Le projet vise à hybrider la génération d'énergie sur site, suite à l'achèvement récent par NGM d'une centrale solaire de 200 mégawatts. Cela marque le premier projet pilote commercial pour convertir une centrale à combustibles fossiles avec de la chaleur géothermique, soutenant l'objectif de NGM d'une réduction de 30 % des émissions de GES d'ici 2030. Le partenariat démontre le potentiel de la géothermie profonde à rivaliser avec les combustibles fossiles en produisant jusqu'à 10 fois plus d'énergie par puits que les méthodes géothermiques traditionnelles.
Quaise Energy und Nevada Gold Mines (NGM) arbeiten zusammen, um die Dekarbonisierung des TS-Kraftwerks von NGM mit tiefen geothermischen Energien zu erforschen. Das Projekt zielt darauf ab, die vor Ort erzeugte Energie zu hybridisieren, nachdem NGM vor kurzem ein 200-Megawatt-Solarkraftwerk fertiggestellt hat. Dies stellt den ersten kommerziellen Pilotversuch dar, ein fossiles Kraftwerk mit geothermischer Wärme nachzurüsten und unterstützt NGM's Ziel einer Reduktion der Treibhausgasemissionen um 30 % bis 2030. Die Partnerschaft demonstriert das Potenzial der tiefen Geothermie, mit fossilen Brennstoffen zu konkurrieren, indem sie bis zu 10-mal mehr Energie pro Bohrloch als herkömmliche geothermische Methoden produziert.
- Partnership aims to reduce fossil fuel consumption and GHG emissions at NGM's power plant
- Aligns with NGM's 2030 GHG reduction roadmap targets of 30% emissions reduction
- Project could demonstrate cost-competitive clean energy solution for mining operations
- None.
Insights
This partnership marks a significant strategic shift in mining decarbonization efforts, targeting deep geothermal as a viable alternative to fossil fuels. The planned retrofit of NGM's 200-megawatt power plant represents a first-of-its-kind commercial implementation, potentially creating a blueprint for industrial-scale geothermal adoption. The technology's claimed 10x power output per well compared to traditional geothermal could significantly improve the economics of clean energy transition in mining operations.
However, investors should note that this is still in the evaluation phase, with significant technical and operational risks. The success of Quaise's millimeter wave drilling technology in achieving the promised performance metrics at commercial scale remains unproven. The project's alignment with NGM's 30% GHG reduction target by 2030 indicates strong corporate commitment, but the timeline for meaningful financial impact is likely several years away.
Quaise will evaluate the development of a commercial pilot to further decarbonize power generation at Nevada Gold Mines
Aerial view of a drilling rig from Nabors Industries where Quaise Energy is installing millimeter wave capabilities. Work at Nevada Gold Mines will require a similar setup to develop deep geothermal energy onsite. (Photo: Quaise Energy, Inc.)
NGM recently completed construction of a 200-megawatt solar power plant and is currently in the process of modifying the TS Power Plant to use cleaner-burning natural gas as a fuel source. In partnership with Quaise, NGM is investigating deep geothermal energy sources to further reduce the plant’s fossil fuel consumption and greenhouse gas (GHG) emissions.
The partnership underscores the unique capabilities of deep geothermal to decarbonize heavy industrial sectors like mining, and marks the first commercial pilot for retrofitting a fossil fuel power plant to accommodate geothermal heat. This is well aligned with NGM’s 2030 GHG reduction roadmap targets.
“Nevada Gold Mines is targeting an overall
The partnership highlights two key reasons why going deeper is a necessity for geothermal to achieve a significant share of the global energy mix by 2050. The first is location. Deep geothermal wells can be drilled in more places around the world, even next to existing power plants. The second is economics. Deep geothermal can compete with fossil fuels on cost while eliminating carbon emissions by producing as much as 10x more power per well than traditional geothermal.
“Deep geothermal can decarbonize critical industrial processes like mining because of its superior power density,” said Carlos Araque, President and CEO of Quaise Energy. “Our millimeter wave drilling technology is the key to unlocking high-grade geothermal heat, repositioning fossil-fired assets for a clean energy future.”
The retrofit of NGM’s TS Power Plant positions Quaise to go from drilling field trials to full commercial deployment. The ongoing partnership opens a prospective new paradigm in clean energy for industrial use applications worldwide.
About Quaise Energy
Quaise Energy is terawatt-scale geothermal, opening access to renewable baseload power for the planet. Deep geothermal uses less than
The Quaise approach to geothermal is unique by going hotter and deeper to significantly increase power density and worldwide accessibility. Outfitting existing drilling rigs with millimeter wave technology accelerates the development of deep geothermal energy by leveraging the fossil fuel infrastructure of today.
Quaise Energy spun out of the MIT Plasma Science and Fusion Center in 2018. The company has raised over
Learn more at quaise.energy.
About Nevada Gold Mines
Nevada Gold Mines is operated by Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and is a joint venture between Barrick (
View source version on businesswire.com: https://www.businesswire.com/news/home/20241203013575/en/
Quaise Energy
Harry Kelso
press@quaise.energy
Nevada Gold Mines
Kathy du Plessis
barrick@dpapr.com
Source: Quaise Energy, Inc.
FAQ
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