The partnership involves a cross-license agreement that includes patented GreenFire’s GreenLoop® (“GreenLoop”) and Stoic’s patent-pending Flux Crossover technology. The Stoic technology aims to enhance the performance of GreenLoop. The intent is to supply energy to data centers, large-scale power consumers, industrial heat users, and sustainable agriculture operations through repurposed geothermal and oil and gas wells.
As part of the collaboration, GreenFire Energy has taken an equity position and a Board of Directors seat at Stoic. With
a primary focus on Alberta and British Columbia in Canada, Stoic is also leading the charge in the repurposing of wells and the development of geothermal projects in New Zealand. The two companies had already previously announced a partnership to jointly develop geothermal projects in New Zealand and Western Canada.
Sharing of technology
GreenFire Energy has developed a versatile, closed-loop advanced geothermal system (AGS) called GreenLoop. The versatility of GreenLoop technology enables the creation of tailored solutions for geothermal operators and energy-intensive companies. GreenLoop solutions offer a stable and predictable cost of energy while providing a variable mix of power and direct use heating and cooling.
Stoic Transitional Resources Inc. brings its Flux Crossover technology and geothermal expertise to the partnership. Flux Crossover can be combined with the GreenLoop technology to enhance performance by optimizing flow patterns, minimizing parasitic heat loss, and doubling heat transfer efficiency. Stoic will also provide access to vital geothermal resources in Canada and New Zealand.
“Our commitment extends beyond innovation to fostering sustainable partnerships and empowering communities. Stoic’s pioneering approach to clean energy aligns perfectly with our mission,” said Joe Tarrant, Co-Founder and Chief Commercial Officer of Stoic, “emphasizing the value proposition for data center customers.”
“We are pleased to be collaborating with Stoic Transitional Resources. GreenFire Energy’s technology has the capability to economically repurpose idle geothermal wells and expand implementations in geothermal fields. Collaborating with Stoic’s technology will enhance performance and broaden GreenFire Energy’s solutions,” said Steven Brown, President, GreenFire Energy Inc.
