01/13/2010
Cooley Advises GreenFire Energy in Technology Sublicense Agreement with AltaRock Energy
GreenFire Energy Announces a Technology Sublicense Agreement with AltaRock Energy for the Purposes of Developing CO2-Based Geothermal Energy Production at the St. John's Dome
The Cooley team representing GreenFire Energy included partner Joe Scherer and Special Counserl Fred Dorey.
SALT LAKE CITY -- January 13, 2010 (BUSINESS WIRE) -- GreenFire Energy (GreenFire) today announced that it has entered into a technology sublicense agreement with AltaRock Energy (AltaRock) for the core patent for using CO2 as the working fluid in a geothermal energy plant. The technology, which GreenFire refers to as "CO2G™," will produce renewable geothermal energy while also sequestering large volumes of CO2. GreenFire intends to be the first company in the world to commercialize this technology. The sublicense gives GreenFire exclusive rights to the technology across a broad region centered on the St. Johns Dome, located in Apache County, AZ and Catron County, NM. It also gives GreenFire national non-exclusive access to the technology for the purposes of developing other sites, some of which have already been identified.
GreenFire intends to first use the technology at the St. Johns Dome. In September 2009, GreenFire entered into a joint venture agreement with Enhanced Oil Resources, Inc. (EORI), which holds extensive CO2 leases at the dome and which granted GreenFire exclusive access to CO2 within the dome for CO2G™ development.
Mr. Mark P. Muir, President of GreenFire, comments, "CO2G™ is an important extension of geothermal technology that has great potential benefit. With this sublicense, we believe we will be able to move rapidly toward commercialization of CO2G™."
About GreenFire Partners, LLC
GreenFire Partners, LLC is a Delaware-based company doing business as GreenFire Energy. The company, currently headquartered in Salt Lake City, UT, focuses on economic solutions to creating renewable energy, with a specific focus on ways to utilize CO2. For more information, please visit GreenFire's website at www.greenfireenergy.com, or contact Mr. Randy Balik, VP of Business Development for GreenFire Energy at (310) 341-5004 or at randy.balik@greenfireenergy.com.
About AltaRock Energy Inc.
AltaRock Energy is a renewable energy development company focused on the research and development of Engineered Geothermal Systems. Its principals include Don O'Shei, Chief Executive Officer, and Susan Petty, President/Chief Technology Officer and an AltaRock Energy founder. The company has its corporate headquarters in Sausalito, Calif., and its technology development office in Seattle, WA. For more information, please visit AltaRock Energy's website at www.altarockenergy.com; for media contact, please contact Kim Van Hall, 415-331-0130.