GreenFire Energy Inc. has signed a memorandum of understanding (MoU) with Yoiba Energy to work together to develop geothermal energy projects in Spain. This agreement enables the companies to collaborate to develop geothermal projects with GreenFire Energy’s technology, GreenFire’s GreenLoopTM and complete solutions for geothermal power generation. Geothermal projects could include geothermal well retrofits, purpose-drilled wells, and geothermal resource expansion opportunities. The two companies intend to drive geothermal development and bolster the energy transition in Spain.
Spain has geothermal energy potential with a range of low, medium, and high temperature resources. As part of the country’s energy transition strategy, the National Integrated Energy and Climate Plan has set a target of 15 MW of geothermal power to be installed for electricity production by 2025 and 30 MW of electricity by 2030.
Yoiba Energy is a Spanish consulting firm specialised in supplying energy for large industrial clients. The company is implementing an energy transformation policy and is actively applying innovative technologies to develop geothermal power generation in Spain.
GreenFire Energy has developed a versatile, closed-loop advanced geothermal system (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 operators and developers to retrofit idle wells, to expand existing fields with new wells, and de-risk the development of new geothermal resources quickly and economically. Additionally, GreenLoop can be precisely tailored for optimal power generation and techno-economic feasibility.
“Our plan is to help the competitiveness of Spanish companies with an inexhaustible, green energy and contribute to curb climate change,” said Bautista González, ceo, Yoiba Energy.
“GreenFire Energy is pleased to be partnering with Yoiba Energy to bring our GreenFire’s GreenLoop technology and complete solutions to Spain. Together we aim to help bring energy independence and resilience while meeting Spain’s geothermal energy targets,” added Steven Brown, VP Project Development, GreenFire Energy Inc.