Project Facts
Location
Austria
Vienna
Project Volume
1-5 Mio. EUR
Applied Financing Solutions
Private Equity
Project Dates
Start: 2018
The Story
The goal of the Start-up Greenwell Energy is to recycle over 1000 old oil and gas wells in the coming 15 years.There are 85’000 active oil wells in Europe and approx. 1.2 million active wells worldwide. When the wells are empty, they are liquidated (filled with cement) by oil companies, thus they cannot be used anymore. The wells are 1’500-4’000m deep and reach at the bottom a temperature of 45-120°C.
Greenwell takes these wells before liquidation and produces geothermal energy.The main cost factor in generating geothermal energy is the drilling of the well, which we avoid with this approach. To extract the heat plain water is “injected” to the bottom of the well tube and comes out hot through an insulated riser tube at the top.
The energy produced is very suitable for agricultural processes and production that needs moderate heat. Thus, topics of future foods like vertical farming, indoor shrimps farming and fish-breeding, microgreens farms, insects breeding, spice farms, different algae etc. that are energy-intensive in production and processing are potential customers.
The geothermal energy provided is green and sustainable, affordable, CO2-neutral, available 24 hours, and practically without operating cost for the farmer or the “agropreneur”.
Success Factor | Hero Moment
When starting Greenwell Energy everybody thought it is a great idea and it has a future. Someday. Soon they noticed that they were early still so they never stopped, taking, connecting, developing further their idea.
And then "Greta" happened. They recognized to be on the right path. Cleantech has to become so popular and so cheap so that everyone sees it as the first choice.
Submitter
Greenwell Energy, Austria
Contact Mail
info@greenwell.energy
Website
greenwell.energy
