The technology, which GreenFire refers to as CO2G, will produce renewable geothermal energy while also sequestering large volumes of CO2. GreenFire intends to commercialize this technology.
The sublicense gives GreenFire rights to the technology across a broad region centered on the St. Johns Dome, located in Apache County, AZ and Catron County, NM. It also gives GreenFire national non-exclusive access to the technology for the purposes of developing other sites, some of which have already been identified.
GreenFire intends to first use the technology at the St. Johns Dome. In September 2009, GreenFire entered into a joint venture agreement with Enhanced Oil Resources, which holds CO2 leases at the dome and which granted GreenFire access to CO2 within the dome for CO2G development.
Mark Muir, president of GreenFire, said: “CO2G is an important extension of geothermal technology that has great potential benefit. With this sublicense, we believe we will be able to move rapidly toward commercialization of CO2G.”
