This joint venture enables critical infrastructure improvements, increased grid capacity and resiliency to meet rising clean power demands
POINT RICHMOND, Calif., Sept. 17, 2024 /PRNewswire/ -- EarthGrid, a Bay-area plasma tunnel-boring technology and infrastructure development company, announced today that it has signed a joint venture agreement with EnerTech, a Kuwait Investment Authority (KIA) entity, to deploy infrastructure projects in four phases across the United States, Europe and the Middle East.
The first two phases consist of, in estimate, $18 billion in U.S. infrastructure improvement projects. Utilizing EarthGrid's patented plasma-powered machines, this joint venture will develop a network of underground tunnels designed to upgrade the current power grid and fiber networks with reliability, efficiency, and resiliency while accelerating the clean power transition.
To meet the U.S. goal of reaching net-zero economy-wide greenhouse gas emissions by 2050, more than a million miles of new transmission will be required over the span of three decades. Compounding this challenge is that more than 70% of current transmission lines are over 25 years old, aged over half their 50-year expected lifetime. Through this joint venture, EarthGrid will enable more than 100 gigawatts of new renewable energy to be added to the U.S. grid while also solving grid congestion in strategic locations.
"On average, it takes 10 to 20 years to develop, permit, and build new overhead transmission lines, making it evident that an alternative approach is critical to meet the needs of U.S. environmental goals," said Troy Helming, EarthGrid founder and CEO. "Through our joint venture with EnerTech, a cleantech and infrastructure developer, we are proud to support the much-needed evolution of the U.S. power grid, enabling clean energy and improving core infrastructure development."
While overhead transmission lines are time-consuming to complete, traditional undergrounding is also slow, more costly than overhead lines, and performs poorly against hard rock, which can, in turn, result in abandoned or very delayed projects. EarthGrid's plasma-boring technology and proprietary approach significantly reduces the time and costs of undergrounding methods without harmful chemicals, primarily powered by clean energy.
EarthGrid's cleantech undergrounding approach aligns with EnerTech's goals to deploy breakthrough technology globally, with projects initiated first in the U.S., and subsequently, in Europe and the Middle East, to accelerate the deployment of clean energy options worldwide. "We are thrilled to announce this partnership with EarthGrid to deploy what we believe is the fastest and most cost-efficient tunnel boring technology by far to improve core infrastructure," said Abdullah Al Mutairi, EnerTech CEO.
As a registered telecommunications utility in 46 states (CPCN), EarthGrid offers its customers and partners preferred access to rights of way alongside public roadways to expedite underground fiber projects. EarthGrid intends to secure permits, as needed, to add additional infrastructure to its tunnels and trenches, including power, water, and robotic freight tubes.
Ultimately, this joint venture's project pipeline will be deployed in collaboration with an ecosystem of key capital, strategic and government stakeholders globally, including utilities, data centers, and clean energy companies.
EarthGrid was represented by a U.S law firm, Glaser Weil, with Jeff Joyner, senior partner of the firm, playing a key role in executing the deal through his extensive experience in sustainable solutions.
About EarthGrid
EarthGrid, founded in 2016, is a plasma boring technology and infrastructure company specializing in proprietary, groundbreaking plasma tunnel-boring technology that can revolutionize the grid infrastructure in the U.S. Its goal is to create a network of underground tunnels to transmit clean energy and high-speed broadband across the U.S. In addition to expanding electricity capacity, EarthGrid aims to enhance the safety, security, and reliability of grid infrastructure, housing critical infrastructure underground to avoid the crippling effects of natural disasters. Follow EarthGrid on LinkedIn and YouTube.
About EnerTech
Established in 2012, EnerTech's mission is to initiate its own development projects and participate in projects within the energy, clean technology, recycling, water, waste management, and renewable energy sectors. EnerTech is a Kuwait-based state-owned entity with full ultimate ownership by Kuwait Investment Authority (KIA), currently one of the world's oldest and largest sovereign wealth funds.
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