HOW IT WORKS
We deliver green heat from depleted oil wells to innovative agricultural entrepreneurs – or “agropreneurs” as we call them!
There is a problem:
Energy is not only about electricity!
It is mainly about heat – and only a fraction of this heat is generated in a sustainable way.
But there is also a huge opportunity!
In Austria alone, there are about 800 wells that produce oil.
Every year 10 to 30 wells are abandoned, meaning they cannot be used for anything else anymore.
3 to 10 of these oil wells could be used for geothermal purposes.
If you look at Europe and the world, the opportunity becomes even bigger with hundreds to thousands of wells suitable for geothermal usage.
And this is only oil wells!
However, they are not used yet! What a waste of resources!
So our aim is to bridge the gap between:
Oil or gas companies that do not need their wells anymore.
And innovative “agropreneurs” that do need energy to grow their products.
Technically, our solution is simple:
We take an existing well.
The bottom will be plugged off, so that oil or gas cannot enter the wellbore anymore.
A greenhouse or any other heat use is built close to the well.
A cool fluid is pumped into the well. It returns as hot fluid to surface and is used in an endless cycle.
The climate impact is considerable:
By using geothermal energy instead of fossil fuels, almost all CO2 emissions can be eliminated, thus saving one oil tanker per well per year.
If produce is grown in Austria, emissions from transportation are also eliminated; for example, 2 tons of CO2 for one truckload from Spain.
Converting an oil or gas well for geothermal use costs only a tenth compared to drilling a new well and has a much smaller carbon footprint.
The business model is very simple for the customer:
We convert the well at our risk and provide a heated infrastructure (or “greenfrastructure” as we call it).
The customer pays only a flat lease rate for it.
He needs no investment
And thus, he can focus on his core business.
He becomes independent of fluctuating energy markets
And can rely on predictable operating costs.
We identified already many potential uses for our heat:
glasshouses; aquaculture; insect protein; drying; fermentation; irrigation;
But we keep on looking for other use cases so that we have a selection of applications for every different well.