GreenFire Energy Inc. (GreenFire) has announced a partnership with Stoic Transitional Resources Inc., a Richwater Group Company, to jointly develop geothermal projects in New Zealand and Western Canada. The goal of the collaboration is to transform underutilized or abandoned assets into productive geothermal resources.
GreenFire will bring its patented closed-loop technology, GreenLoop™, to convert idle geothermal and oil and gas wells into efficient geothermal assets. Stoic Transitional Resources Inc. will provide its geothermal expertise and access to resources in New Zealand, as well as access to oil and gas resources in Western Canada.
The partnership aims to not only bring clean and reliable geothermal energy to the project regions but also drive economic growth. GreenLoop, the advanced geothermal system developed by GreenFire, enables retrofitting of idle wells, expansion of existing fields, and de-risking the development of new geothermal resources. This versatile technology can be customized for optimal power generation and economic feasibility.
Stoic Transitional Resources Inc. specializes in maximizing oil production assets and transitioning oil fields into carbon-free electricity. With prior experience managing capital projects and oil and gas assets, including one of the world’s largest geothermal facilities, the Stoic team brings valuable expertise to the partnership.
By implementing the GreenLoop technology in geothermal projects globally, GreenFire Energy aims to accelerate the development of geothermal energy. The partnership with Stoic Transitional Resources Inc. has the potential to expand their reach and bring clean energy and economic vitality to new regions.
This collaboration between GreenFire Energy Inc. and Stoic Transitional Resources Inc. signifies a transformative energy philosophy focused on carbon-free, green electricity. The companies aim to generate gigawatt hours of power while championing environmental stewardship.
In addition to the partnership in New Zealand and Western Canada, GreenFire Energy Inc. has also formed a partnership with PT Medco Power Indonesia to develop geothermal projects in Indonesia using the GreenLoop technology.
– GreenFire Energy Inc. (Source: Email correspondence)
– Stoic Transitional Resources Inc. (Source: Email correspondence)