Quaise will evaluate the development of a commercial pilot to further decarbonize power generation at Nevada Gold Mines
HOUSTON--(BUSINESS WIRE)--Quaise Energy, Inc. (Quaise) and the Barrick-operated Nevada Gold Mines (NGM), a joint venture with Newmont Corporation, are exploring additional decarbonization of NGM's TS Power Plant by using geothermal heat from NGM's land and subsurface holdings to hybridize on-site power generation.
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 30% reduction in GHG emissions by 2030," said Henri Gonin, Managing Director of Nevada Gold Mines. "We continue to pursue initiatives that economically reduce our reliance on carbon-based electricity sources. Quaise offers a unique prospective solution to hybridize our on-site power generation with clean geothermal heat."
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 1% of the land and materials of other renewables, making it the only option for a sustainable clean energy transition.
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 $95MM to date.
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 (61.5%) and Newmont (38.5%) that combined their significant assets across Nevada in 2019 to create the single largest gold-producing complex in the world.
Contacts
Quaise Energy
Harry Kelso
press@quaise.energy
Nevada Gold Mines
Kathy du Plessis
barrick@dpapr.com