Oil - Geothermal Co-Production Start Up to Begin Construction in 2014 (Finance and Commerce)
A University of Minnesota startup expects construction to begin next year on a pilot plant that would produce electricity from geothermal and otherwise wasted energy while also boosting production from a Canadian oil field.
The plant would represent the first commercial application of a novel renewable energy technology called Carbon Dioxide Plume Geothermal, or CPG. The technology was developed at the University of Minnesota and is licensed to university startup Heat Mining Co. LLC , based in Rapid City, South Dakota.
The CPG plant would generate electricity from carbon dioxide that is injected underground, in a practice known as enhanced oil recovery (EOR), to increase the amount of crude oil extracted from a field that typically is nearing the end of its productivity.
The electricity generated using the CPG technology would be used to replace power provided by conventional sources, resulting in emission-free electricity at lower cost, extending the lifespan of economical oil extraction, according to its developers.
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