The CEO of a Spokane-based company, Mark Russell is exploring the technology of rockets to harvest geothermal energy. The power and potential of geothermal energy is huge. Many sites in the world boast of the high potential for this energy. However, the field of geothermal energy is still at it developing stage. Furthermore, investors are wary about geothermal projects as these are very expensive ventures. The technology of drilling holes in the Earth’s core is a highly challenging task, which makes the whole venture of harvesting geothermal energy an expensive affair.
However, according to Russell using rockets to drill these holes could be the solution to making geothermal energy cheaper. According to Russell, he is solving a massive energy problem and they are planning to drill around ten times faster than any technology that has been capable of doing before. He further said that this means a faster access to energy than ever before.
The CEO boasts an excellent resume for attempting a project of this grand scale. Russell has previously worked at NASA and Boeing and most recently he worked on the Jeff Bezos’ aerospace project at the Blue Origin. At his stint at Blue Origin, Russell was the lead engineer and on Charon Test Vehicle which was developed in Kent, Wash. However, he left Blue Origin and moved back to Spokane to work in the abandoned mine of their family. In this mine, Russell with his brother are working on digging the two deepest holes the world has ever seen.
To work on this project, HyperSciences company of Russell received around US$1 million in grants from Shell’s Game Changer program and further funding from angel investors. In the most recent round, the company was able to raise around US$880,000 and is anticipating to raise another US$370,000 in the coming few weeks.