The Permian Energy Development Laboratory (PEDL) has formed a new partnership with Teverra, a technology-focused energy company working on geothermal energy, carbon storage, energy storage and cleaner oil and gas solutions. The memorandum of understanding reflects a shared commitment to innovative advanced energy solutions that create value for Permian communities and the U.S. economy.
The announcement follows on the heels of important developments for both Teverra and PEDL. This month, Teverra won a contract with Colorado to conduct a comprehensive analysis of geothermal resources throughout the state. Late last year, the company won a multiple-year federal defense department contract to begin a geothermal initiative at Fort Wainwright in Alaska. Teverra has also received multiple R&D and commercialization awards totaling more than $5M from the Department of Energy (DOE) and the National Science Foundation (NSF) to develop and commercialize innovative subsurface energy technologies.
The Permian Energy Development Lab recently announced collaborations with SOLARCYCLE and the Roosevelt Firm. Those collaborations center on the planned development of a test facility in Yoakum County, Texas that integrates various advanced energy technologies. These include solar power, carbon net-negative oil production, carbon capture utilization and storage, low-carbon hydrogen production, treatment of produced water and agrivoltaics. Last year, PEDL won a National Science Foundation grant to lay the groundwork for a new regional innovation engine in the Permian Basin of Texas and New Mexico. The grant funding $1M to cover a two-year period is the first step toward a possible ten-year, $160M NSF investment.
"Teverra brings standout geothermal experience to the table and that's a big deal for our Permian consortium and for the U.S. advanced energy sector," said Marilu Hastings of the Permian Energy Development Lab. "We're grateful for their expertise. And I know they share our commitment to advanced energy R&D in service of Permian communities."
"The energy sector is at a critical moment an exciting moment because there's greater attention and investment in a range of advanced energy technologies than ever before," said Hamed Soroush, Founder and CEO of Teverra. "We see our partnership with the Permian Energy Development Lab as an important step to the future of energy an advanced, decarbonized energy economy."
Areas of Focus
The Permian Energy Development Lab and Teverra will explore and pursue joint projects in areas that include:
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Subsurface energy storage design, modeling and development
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Geothermal resource assessment and development
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Geomechanics, wellbore stability, frac design and reservoir engineering
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Carbon Capture, Utilization and Storage
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Hydrogen storage
PEDL's network of university- and national labs-based researchers and Teverra's track record in subsurface technologies represent a powerful combination of know-how and practical skill.
Partnership Highlights
The partnership is an important step forward in developing and deploying next-generation energy solutions. Foundational elements of the agreement include:
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Joint project identification and execution: Both parties will actively identify and pursue mutually beneficial projects.
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Grant and funding opportunities: PEDL and Teverra will collaborate on identifying and pursuing joint grant and funding opportunities to fuel their clean energy advancements.
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Knowledge and best practices: Recognizing the value of collective learning, the partnership promotes the exchange of best practices and experiences, strengthening both organizations' capabilities and knowledge-base.
About the Permian Energy Development Laboratory (PEDL)
The Permian Energy Development Lab is a New Mexico- and Texas-based nonprofit dedicated to advancing energy research, fostering innovation and creating value for energy communities through collaboration with academic institutions, industry partners and government agencies.
About Teverra
Teverra is a leading-edge technology-focused energy company working on subsurface solutions for geothermal energy, carbon storage, energy storage and cleaner oil and gas. Teverra conducts cutting-edge R&D to improve safety, increase efficiency in production and reduce the environmental footprint of subsurface operations. Teverra's core competencies include advanced geomechanics, geothermal resource characterization and development, existing infrastructure reutilization, fluid mechanics, subsurface engineering, monitoring and modeling, applied artificial intelligence, visualization, edge computing and software development. The company applies these skills and utilizes high-resolution subsurface monitoring to produce well-characterized numerical models for de-risking exploration and optimizing drilling, completions, stimulation and production.
