HOUSTON, June 24, 2021 /PRNewswire/ -- Sage Geosystems Inc. (Sage), Nabors Industries (Nabors), and Virya, LLC (Virya) are excited to announce the signing of a $12 million financing led by Nabors. Nabors and Virya will invest $10 million and $2 million, respectively. The proceeds of this financing will be utilized to further accelerate the development of Sage's technologies and construction of their first commercial power plant.
The teaming up of Sage, Virya, and Nabors will allow the partnership to realize significant synergies. Nabors has a wealth of strengths including broad global reach, technology development, deployment expertise, automation, and digitalization experience, as well as its leadership in the well construction and drilling industry. Sage are pioneers in addressing the challenges of geothermal energy with an integrated system approach covering both surface (plant) and subsurface (well) to deliver a higher heat harvesting efficiency at a lower capital cost. All partners have an unrelenting attitude and approach towards the goal of accelerating the development and achieving the commercialization of clean, baseload geothermal energy on a global scale.
Lev Ring, CEO of Sage noted: "Geothermal energy can be developed into an unlimited source of clean and renewable energy, which is available 24 hours a day, 365 days a year, but also requires a relatively low amount of resource mining for its effective utilization. We believe the combination of Sage and Nabors will propel geothermal energy to the front of the transition to rapidly commercialize clean energy sources, economically and responsibly."
Anthony G. Petrello, Nabors' Chairman, CEO and President, commented: "We are very excited to participate in the evolution of geothermal energy along with Sage. We believe Sage's novel approach to harnessing geothermal energy has significant potential to be disruptive to energy markets worldwide."
Sage has focused intensely on early commercialization, and as such, is currently prioritizing access to onshore geopressured formations in the Gulf of Mexico region to prove the commercial viability of Sage's differentiated technologies and its novel approach to the harvesting of geothermal energy.
About Sage Geosystems ™ (Sage):
Sage is a rapidly growing business dedicated to the advancement and widespread deployment of geothermal technologies. Founded in 2020, Sage brings innovative geothermal technology and a team with a proven track record of action and delivery. Sage is unique in that they recognize there is no single optimum geothermal design solution for all applications and subsurface environments, so they present multiple approaches and technologies for addressing the various challenges, with these recommendations informed by their powerhouse modeling tool. This tool, GeoTwin™, is based on decades of experience modeling subsurface fluids and processes in the drilling of oil and gas wells and will allow Sage to rapidly target surface and subsurface designs and combinations thereof to optimize the power generated from the geothermal systems and their cost. The Sage team has a cumulative 125+ years in drilling and completions, and therefore recognizes the easy transferability of oil and gas skills to renewable baseload geothermal energy. More about Sage Geosystems www.sagegeosystems.com.
About Nabors Industries (Nabors):
Nabors is a leading provider of advanced technology for the global energy industry, including advanced drilling automation capabilities, directional drilling services, and performance tools. Nabors owns and operates one of the world's largest land-based drilling rig fleets and has a long history of drilling geothermal wells around the world. More about Nabors www.nabors.com.
About Virya, LLC (Virya):
Virya invests nimbly in ventures with high potential impact on eliminating global greenhouse gas emissions or sequestering CO2. They are focused on fast global commercialization of baseload clean energy sources needed for the carbon-free energy transition. Virya is a project of Chris Anderson, who also coordinates TED and the Countdown climate change initiative, and Solomon Goldstein-Rose, a young climate activist, former state legislator, and author of The 100% Solution. More about Virya www.virya.llc.
Contact: Holly Hicks
SOURCE Sage Geosystems