GreenFire Energy Inc. (GreenFire Energy) has announced that it has entered in an agreement with Dios Energy, a renewable energy advisory firm, whereby Dios Energy will act as a local partner for Japan. Dios Energy will develop and support geothermal projects in Japan exclusively on behalf of GreenFire Energy.
Japan has the world’s third largest geothermal reserves behind the US and Indonesia with an installed geothermal power generation capacity of about 600 MW.1 The Japanese central government is currently driving geothermal development by relaxing regulations as part of a wider push for renewable energy. Japan’s government plans to double the number of geothermal plants in the country by 2030, from currently 62 plants.2 Dios Energy has sourced and executed various renewable energy projects using a variety of technologies but is now focused on developing geothermal projects using GreenFire Energy’s patented closed-loop technology. Dios Energy is headed by Nigel Coates, who has significant expertise in geothermal project sourcing, development and financing. The company’s prior renewable energy projects include the sourcing, co-development, and successful commencement of Gifu prefecture’s first geothermal binary power plant.
“GreenFire Energy is the only geothermal technology company that is actively retrofitting marginal geothermal wells to become productive and is able to expand production with new wells in existing and new geothermal fields. There is tremendous interest in GreenFire Energy’s capabilities and Dios Energy aims to develop that business for GreenFire Energy. We strongly welcome inquiries from well-owning local governments and businesses,” said Nigel Coates, Chief Executive Officer, Dios Energy.
“GreenFire Energy’s GreenLoop technology has extraordinary potential to access geothermal resources in Japan. To scale our business and accelerate geothermal installations around the world we partner with companies that have the local knowledge and also appreciate how our closed-loop technology can be used both to expand production from existing resources and to also enable new geothermal projects. Nigel and Dios Energy have the experience and energy to help us grow geothermal rapidly in Japan,” said Joseph Scherer, Chief Executive Officer, GreenFire Energy.