By Mary Tomkins on Friday, 30 October 2009
Category: Economy & Current Events

$338 Million in Recovery Act Funding to Support Geothermal Energy

The Department of Energy (DOE) announced on Thursday awards of $338 million in Recovery Act funding for the development domestic geothermal energy.

The grants will be used to support 123 projects in 39 states for the exploration and development of new geothermal fields and research into advanced geothermal technologies. Also, the grants will support the deployment and creative financing approaches for ground source heat pump demonstration projects across the country.

Grant recipients include private industry, academic institutions, tribal entities, local governments, and DOE’s National Laboratories. The DOE said the grants will be matched more than one-for-one with an additional $353 million in private and non-Federal cost-share funds.

“The United States is blessed with vast geothermal energy resources, which hold enormous potential to heat our homes and power our economy,” said DOE Secretary Steven Chu. “These investments in America's technological innovation will allow us to capture more of this clean, carbon free energy at a lower cost than ever before. We will create thousands of jobs, boost our economy and help to jumpstart the geothermal industry across the United States.”

The DOE said that the projects supported by Recovery Act funding "will represent a dramatic expansion of the U.S. geothermal industry and will create or save thousands of jobs in drilling, exploration, construction, and operation of geothermal power facilities and manufacturing of ground source heat pump equipment."

The projects selected for negotiation of awards fall into six categories:
Source:
U.S. Department of Energy
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