CleanTech OC Daily - 1/24/13

Thursday, January 24, 2013

A quiet breakthrough in geothermal power tech
AltaRock Energy, a start-up who has taken on costly task of tapping in to geothermal power, has recently made a breakthrough that it says can lead to the commercialization of its technology. With backing from VCs as well as Paul Allen’s investment firm, the company has been working on enhanced geothermal tech which drills wells deep into the ground, injects them with cold water to fracture the hot rocks, and creates a geothermal source of power where none was naturally occurring.

Renewable power generation now accounts for around 50% of all new power generation capacity installed worldwide. According to a new global study of renewable power generation costs in 2012 produced by IRENA, the International Renewable Energy Agency, declining costs are helping to fuel a renewable revolution. The report also went on to state that “renewable technologies are now the most economic solution for new capacity in an increasing number of countries and regions.”

In 2009, the Treasury 1603 program was authorized as part of the American Recovery and Reinvestment Act, and supported $38.6B of investment in renewable power development, and 16.9 GW of new installed renewable energy. Now, with the program since expired, developers, investors, and environmentalists are looking to the federal government to make changes to current tax code to accelerate private investment in the renewable energy industry.

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