NEWS

17 February 2022

SAN DIEGO, California (February 17, 2022) – RenewaBit, Inc. and Houston Based CeraPhi Energy, LLC announced today their GreenFlash™ service that retrofits oil and gas wells to produce 100% clean geothermal energy with integrated crypto mining offtake that seamlessly commercializes produced energy at ultra-high yield prices. The GreenFlash™ service solves the key financial and environmental challenges posed by end-of-life oil and gas wells providing a clean sustainable energy transition and switches incentives for well-owners to retain assets by making well end-of-life profitable.

Notably, GreenFlash™ leverages the proprietary CeraPhiWell™ closed loop technology that allows operating wells to continue extracting oil and gas while simultaneously producing clean geothermal energy, making GreenFlash™ suitable for wells at any life-stage.

RenewaBit’s crypto mining data centers represent a fully scalable offtake solution that commercializes produced geothermal energy at high variable yields, and require small land and electrical infrastructure requirements – using only 400sqft of space per MW. “Because many wells are in remote locations with limited local power demand or electrical infrastructure, RenewaBit’s scalable data centers make it possible for us to commercialize vastly more wells than otherwise possible.

Lafayette Herring, VP of North America for CeraPhi – adding that “The GreenFlash™ solution now makes the majority of wells a suitable option for retrofitting due to the scalable high yields that can be created by RenewaBit in any location.”

The GreenFlash™ service includes the geothermal well retrofitting and data center deployment under a simple and rapid process that reaches commercial operation in under two quarters.

RenewaBit and CeraPhi arrange and directly conduct EPC and O&M for the wells and data centers. RenewaBit’s automated service is used to instantly convert cryptocurrency into the client’s chosen currency, and deposit proceeds into a client account on a real-time basis.

“We are excited by the potential to help the oil and gas industry solve major end-of-life well challenges while drastically increasing asset cash flow, and serendipitously creating a green energy strategy along the way”, writes Ian Hartley, Chief Executive Officer of RenewaBit, adding that “GreenFlash™ is, to our knowledge, the only realistic way to enable oil and gas firms to reach ‘net zero’ while increasing their profitability.”

GreenFlash™ is currently being evaluated for deployment by major companies in the oil and gas space and is looking toward its first deployments within the year. Eric Finch, Chief Development Officer of RenewaBit, encourages interested companies to reach out, writing that “We’re already seeing a great deal of interest in GreenFlash™ and we’re excited about delivering this important solution efficiently to the industry.”