MIT-founded startup, Eden GeoPower, launched a crowdfunding campaign via StartEngine's fundraising platform to help its efforts to develop off-grid renewable geothermal power plants. Each geothermal power plant will be capable of producing up to 10 MW of renewable geothermal energy, for up to 30 years, and at a levelized cost of electricity below 5c/kWh. Additionally, in order to avoid high transmission costs, the electricity will be consumed on-site. The company will target off-grid consumers in the cryptocurrency mining community, and later utilize the energy to produce hydrogen for clean electric vehicles. For more information see the IDTechEx report on Distributed Generation: Minigrid Microgrid Zero Emission 2018-2038.
"We are seeing a big shift to more renewable methods of producing electricity," said Paris Smalls, Co-Founder and CEO at Eden GeoPower. "Because blockchain requires large amounts of energy to work efficiently, it has become increasingly more difficult for individuals to earn a profit from creating cryptocurrency. We are hoping that our novel approach towards asset based cryptocurrency mining will stimulate investment in renewable energy infrastructure, and help make the cryptocurrency mining industry more sustainable."
Eden GeoPower will be financing each of its power plants' capital investment through the digital issuance of a Special Purpose Vehicle (SPV). This digital SPV will take the form of a token, and will grant its holder (investor) ownership of a project, as well as recurrent dividends from that project's net earnings.
Geothermal energy is the perfect solution for meeting the world's emerging cryptocurrency mining energy demands due to the 24/7 energy generation capacity, low cost, and more than 100 GW of untapped geothermal potential in the US alone.
About Eden GeoPower:
Our mission is to install off-grid geothermal renewable energy infrastructure to meet the world's increasing energy demands. We are currently developing a proprietary heat harnessing mechanism that can be used in Enhanced Geothermal and Petroleum Reservoirs to transform abandoned geothermal resources into cheap (below $0.05 per kWh), baseload electricity. However, due to the remote locations of many of these wells, and high costs associated with setting up transmission lines to connect these resources to the grid, the project will be uneconomical unless the power is consumed on-site. This creates the perfect opportunity for us to decentralize these facilities by utilizing the cheap, baseload electricity generated at these locations for cryptocurrency mining operations. Eden is the future of off-grid energy consumption and blockchain infrastructure.
StartEngine is a leading equity crowdfunding platform in the U.S., connecting everyday investors with tomorrow's progressive companies. Utilizing its expertise in regulated exempt offerings under the Securities Act, StartEngine has helped more than 160 companies raise capital and has a community of over 150,000 investors.
Based in Los Angeles, the company was created in 2014 by Howard Marks, co-founder of Activision, and Ron Miller. StartEngine Crowdfunding is a not a broker-dealer, funding portal or investment adviser. StartEngine Capital, LLC is a funding portal registered with the US Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA).