GreenFire Energy wins tender for AGS study in Taiwan

Beitou hot spring, Taipei, Taiwan (source: flickr/ Wunkai, creative commons)

GreenFire Energy Inc. (“GreenFire”) has announced that its channel partner, Taiteck Co., Ltd. (“Taiteck”), has won the tender for the GreenFire’s GreenLoop™ technology feasibility study project from CPC Corporation, Taiwan (“CPC”) on June 14, 2023. The commencement date of the project was on June 26, 2023.

The tender requested the design of tests, testing of geothermal wells, and retrofit of wells using the GreenLoop technology. CPC intends to understand Taiwan’s geothermal resources potential by using Advanced Geothermal Systems (“AGS”) methods such as GreenFire’s GreenLoop technology.

CPC is Taiwan’s state-owned petroleum company and is responsible for supplying adequate energy to the domestic market. CPC’s business includes oil and gas exploration and production, refining, petrochemicals, lubricants, solvents and chemicals; it is also Taiwan’s sole importer and supplier of natural gas. It is implementing the government’s energy transition policy and actively promoting geothermal power generation. CPC has extensive exploration and drilling technologies and services that can be applied to geothermal energy development.

Taiteck is a local energy engineering company in Taiwan and has been committed to the supply of domestic energy equipment and services, including oil and gas drilling, production and power equipment supply, and technical services.

GreenFire Energy has developed a versatile, closed-loop AGS called GreenLoop. GreenLoop can economically access the entire spectrum of geothermal and certain oil and gas resources that conventional geothermal technology cannot. The technology enables new and existing operators and developers to retrofit idle wells, to expand existing fields with new wells, and to develop new geothermal resources quickly and economically.

“Taiteck and GreenFire Energy have formed a team and prepare to execute geothermal evaluation projects of CPC using GreenFire’s GreenLoop™ technology,” said Johnny C.Y. Liu, president of Taiteck Co., Ltd.

“GreenFire Energy is honored to be working with CPC Corporation, Taiwan and Taiteck Co., Ltd. We will provide GreenFire’s GreenLoop™ technology to enable CPC to expand the scale of geothermal power generation in Taiwan and to help meet the country’s net-zero emissions goals,” said Joseph Scherer, chief executive officer, GreenFire Energy Inc.

GreenFire and CPC had previously signed an MoU to work together to develop geothermal projects in Taiwan and collaborate on future geothermal projects.