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Newsletter, Winter 2024 Edition |
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The Loop: Geothermal Made Easy |
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| Welcome to Subterra’s quarterly recap and introduction to our monthly blog, meant to keep you in the loop about all things geothermal heating and cooling in North America. “The Power Zone” will launch in March and will cover everything from geo-exchange systems 101 to addressing pain points in the building development industry, to profiles about our talented team and clients.
Our blogs will also dig into region-specific topics and news to highlight economic incentives, partner projects, and ways to achieve your sustainability goals with our geothermal offerings.
We’re kicking off with our introductory video. Stay tuned for more.
|  | | EVENTSFirst Quarter Recap So Far.. |  |
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We opened the quarter by announcing our breakthrough performance in 2023, with a 386% increase in revenue over the previous year. Additionally, we anticipate a further 40% increase in revenue in 2024 as the clean energy movement towards geothermal increases across North America with reduced costs and policy support from governments. According to the International Energy Agency (IEA), 45% of the electricity generated in the U.S. in 2030 is projected to come from clean energy renewables. Subterra is well-capitalized and equipped with the largest drilling fleet across the continent with over 70 state-of the-art mobile rigs - demonstrating execution readiness. Read our press release here.
With the decarbonization movement gaining traction across North America, governments at the municipal, state/provincial, and federal levels are further incentivizing the building industry to adopt sustainable practices to electrify buildings. Our Chief Revenue Officer Kareem Mirza is frequently asked to participate in thought leadership forums, making the case for transitioning from fossil-fuel powered systems to geothermal as more states and regions adopt electrification. Kareem has also been instrumental in rolling out Subterra’s Energy as a Service Offering - a low-cost and hassle-free option for installing a proven geothermal system within our utility model. | | We attended clean energy forums, decarbonization panels and urban city building conferences in New York City, Chicago, Nashville, and Washington D.C. With added stops in Canada including Toronto, Ottawa and most recently, the Halifax-area. All significant signs of the times as new clients look to add geothermal exchange (geo-exchange) systems into their builds. | |
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| PROJECT INSIGHTSCampus Conversions |  | Recently, our SVP of Construction and Development, Scott Jones sat down with Bisnow to provide an overview of our Oberlin College project in Ohio. We are completing the drilling and installation of the thermal loops covering 850 boreholes, running 600 ft. deep to support the geo-exchange system that will heat and cool over 55 buildings in the Oberlin College district network. We’re gaining attention from other landmark universities looking to transition their century-old fossil-fuel powered system to geothermal.
In addition to our Oberlin College project, did you know that Subterra’s team has participated in geothermal projects at Victoria College on the University of Toronto Campus, McMaster University in Hamilton and Western University in Southwestern Ontario? A move that has inspired others in the space to accelerate their electrification plans to reduce their carbon footprints and drive towards Net Zero. In a recent New York Times article, “To Slash Carbon Emissions, Colleges are Digging Really Deep”, our colleagues at engineering firm Salas O’Brien, renowned for their expertise in designing ground source-based geo-exchange networks, commented that a year ago they were working on one or two campus geothermal projects at one time. Today, that figure has grown to between 20 and 30 projects. We thrilled to be working with Salas O’Brien on other new projects moving forward.
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| | Drilling into the Facts |  | With access to our continent’s top-tier, experienced drilling talent alongside our teams at Earth Drilling and Harris Exploration, we are mobilizing our fleet of 70 drilling rigs across North America. We are currently supporting projects across North America in states such as, Ohio, New York, Illinois, Massachusetts, and Colorado. Additionally, we are either drilling, or in the exploration stage in Canada that include: Toronto-region, Ottawa area, Nova Scotia, and Calgary region. With the addition of Earth Drilling, we have access to the most experienced drilling talent in North America. A move that provides coast-to-coast support for new projects, making us the largest geothermal utility provider in North America.
Contact our team about your project’s feasibility or to book a meeting with our technical experts for a 1:1 consultation. Follow the link below and fill out the query form.
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| | NEWS & UPDATESCanada’s Enercare Signs Milestone Agreement |  | Recently, Subterra alongside Enercare, one of Canada’s largest home and commercial services companies, publicly announced they are launching a program to offer a fully integrated solution that will provide geothermal heating and cooling to more Canadian homes and spaces. This is a groundbreaking collaboration that will support developers and builders with the up-front logistics, drilling, installation and services of ground-source heat pumps and geothermal exchange systems. Visit Enercare's Builder Page to learn more.
Subterra’s SVP Jessica Rowe Bald, our in-house sustainability expert who was instrumental in structuring the framework program with Enercare was interviewed about the alliance featured in Sustainable Biz Canada.
| | | UPCOMING WEBINAR
Building Green Cities - One Building at a Time
How to use geothermal to improve OpEx and deliver green-living spaces.
SAVE THE DATE: Wednesday April 9th, 2024 at 11am ET |
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