December 04, 2024 10:00 AM Eastern Standard Time

DENVER--(BUSINESS WIRE)--Gradient Geothermal (“Gradient” or the “Company”), a Denver, Colorado-based company that generates geothermal energy derived from existing oil and gas production and infrastructure, today announced that the Company is providing Chord Energy, an independent North American oil and gas exploration and production entity, geothermal power generation and fluid cooling services. This first of its kind deployment of Gradient Geothermal’s proprietary technology removes heat from produced fluids and channels those resources to create electricity.

Chord received partial funding for this project from the Clean Sustainable Energy Authority (“CSEA”), a grant program funded by the North Dakota Industrial Commission, to foster geothermal energy produced at the company’s facilities in North Dakota. By harnessing the thermal energy already present at the site, this approach bolsters the project’s efficiency via converting what would otherwise be wasted heat into a valuable energy asset.

“For too long, key public and private sector stakeholders have not had access to the technology and expertise needed to harness the vast, untapped energy resources beneath our feet,” said Dr. Benjamin Burke, Chief Executive Officer of Gradient Geothermal. “Properly capturing highly sustainable geothermal energy already present at active energy production projects presents a new avenue of opportunity for government agencies and leading commercial entities alike, and we could not be more excited to work with Chord to help deploy Gradient’s innovative technology within this expansive, forward-thinking initiative.”

About Gradient Geothermal

Gradient Geothermal, a geothermal energy and technology developer based in Denver, Colorado, strives to help power the energy transition by harnessing electrical power for mass-distribution from existing oil and gas production infrastructure. Gradient’s unique operational model positions the company as the only scalable commercial operation in the sector that specializes in this innovative form of geothermal energy production.

The company is a subsidiary of XMC Strategies, an investment management firm that helps empower commercial entities that specialize in profitably transforming existing oil and gas assets into long-term, sustainable solutions. The XMC family of companies includes Zefiro Methane Corporation, a nationwide operation specializing in plugging orphaned and abandoned oil and gas wells and subsequently creating top-tier carbon offset opportunities, and X Machina Sustainable Technologies, which provides technology development and operational expertise to renewable energy organizations.

Contacts

Media:
info@gradientgeothermal.com

Investors:
ir@xmcstrategies.com