4.6 • 12 Ratings
🗓️ 29 November 2024
⏱️ 5 minutes
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Tim Latimer has raised more than $400 million to pursue his green dream of unlocking limitless zero-carbon thermal energy from Earth’s crust.
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0:00.0 | Here's your Forbes Daily Briefing for Friday, November 29th. Today on Forbes, fracking hot rocks could |
0:09.0 | revolutionize clean energy if Trump doesn't get in the way. Tim Latimer has always liked |
0:15.8 | digging. He recalls, quote, when I was seven years old, I decided I wanted to dig a hole in the ground and just kept digging for a week. |
0:24.4 | I had seen some TV show about a cool tunnel clubhouse, and I wanted to make my own. |
0:30.1 | Later, as a teenager, he watched in 2008 as the Sandy Creek Energy Station, the last large coal-fired plant built in the United States, |
0:39.0 | broke ground five miles from his home in tiny Riesel, Texas, and grew to tower over the flat |
0:44.8 | rural landscape. He says, quote, that became a very visual reminder. Energy is vital to our |
0:51.6 | lives, but there's positives and negatives with that kind of development. |
0:56.4 | Those twin obsessions, digging deep and creating energy, have taken Latimer, still just 35 years old, |
1:03.8 | and an alumnus of the 2019 Forbes 30 Under 30 list, to the cusp of what could turn out to be either |
1:09.9 | a breakthrough in the quest for zero-carbon |
1:12.0 | emitting energy or an expensive pipe dream. As chief executive and co-founder of Houston-based |
1:18.3 | Fervo Energy, Latimer has raised more than $400 million for a plan to liberate practically |
1:24.5 | unlimited geothermal energy, generated from the heat of Earth's core, |
1:29.1 | from super-hot rocks at least 8,000 feet underground by employing the same fracking techniques |
1:35.4 | used to extract oil and natural gas from shale rock. Fervo's investors include Mitsubishi |
1:41.7 | heavy industries, traditional oil and gas producers, Mark Zuckerberg, |
1:46.5 | and Breakthrough Energy Ventures, a climate change-focused venture capital fund, organized by Bill Gates, |
1:52.7 | and backed by a pack of fellow billionaires, including Jeff Bezos, Michael Bloomberg, |
1:57.7 | Ray Dalio, and Reed Hoffman. Over the next three years, Fervo plans to use a 166-foot-tall drilling rig to punch a total |
2:06.6 | of 80 boreholes, aka Wells, in the Escalante Desert, near Milford, Utah. |
2:13.6 | Each of these holes, Fervo has already drilled 20, is about 10 inches in diameter and goes down |
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