BOSTON, November 12, 2026 — Project InnerSpace has launched Abundance Energy Group, a for-profit public benefit corporation designed to channel institutional capital and oil major expertise into next-generation geothermal development. The entity licenses financial structures and research developed inside Project InnerSpace since 2022 to replicate the deal flow that powered the shale revolution.
A Shale-Inspired Structure for Institutional Capital
Abundance Energy Group uses a multi-stage portfolio approach modeled on the shale revolution’s deal flow to align with institutional risk profiles and investment mandates, the company said. The structure was built so that oil majors may participate as developers and financial institutions may choose the path that best fits their mandates. Research and financial engineering for the vehicle were developed within a research division of Project InnerSpace and are now licensed to the new corporation to execute.
Project InnerSpace identified the lack of institutional engagement as a primary barrier to scaled geothermal growth in 2022. Subsequent research concluded that targeted interventions were required to train capital markets to invest, including adaptation of financial instruments standard in oil and gas and a system of valuation and standardization for geothermal resource evaluation. Officials noted the goal is to get oil majors off the sidelines and into the field pursuing geothermal developments directly.
GEODE Initiative Transfers Oil and Gas Expertise
Project InnerSpace leads the U.S. Department of Energy-funded GEODE initiative, a five-year effort to leverage oil and gas knowledge, technology, and workforce for geothermal deployment. The Office of Geothermal will fund the administrator team about $10 million initially to form a consortium and develop a roadmap addressing technology and knowledge gaps, data shows.
The consortium will issue competitive solicitations of up to $155 million for research activities over the latter four years, pending appropriations. The work spans four focus areas: cataloguing technology and workflow gaps between the sectors, evaluating geothermal resources accessed by existing oil and gas infrastructure, identifying non-technical barriers to industry crossover, and assessing future workforce needs and education pathways.
Cost Barriers and the $100/MWh Target
Enhanced geothermal systems currently average $100 per megawatt-hour, a price point corporate buyers consider high compared to wind and solar-plus-storage deals priced 25 percent to 50 percent lower in recent years. Permitting, exploration, and test-well drilling represent 10 percent to 15 percent of a project’s investment costs, or roughly $27 million to $41 million, data shows.
This appraisal risk — the cost of drilling to find viable resources several kilometers below the surface before knowing if site economics work — drives up the cost of capital. Only risk-tolerant investors engage at early stages. Corporate offtake agreements from buyers like Google and Meta are critical for attracting project financing, officials noted. Projects starting construction by 2033 qualify for tax credits worth up to 50 percent of upfront costs under the Inflation Reduction Act.
Policy Tailwinds and Global Momentum
Global geothermal power capacity reached 16 gigawatts in 2025, providing less than 1 percent of renewable power capacity worldwide. At COP31 on November 10, Türkiye launched the Global Geothermal Ambition 2050 to accelerate international cooperation on next-generation deployment, officials said.
Clean Air Task Force welcomed the announcement as a step toward strengthening international cooperation. The organization, alongside Iceland and New Zealand, will co-host a press conference at COP31 on November 17 to discuss global collaboration priorities for 2027, including lessons learned and how partnerships can mobilize investment and overcome shared deployment barriers.
Technology Testing at FORGE
The U.S. Department of Energy’s FORGE facility in Milford, Utah, tests advanced drilling methods to reduce costs and operational risks in extreme environments. Geothermal resources located less than three miles below the Earth’s surface could generate about 42 terawatts of power over 20 years, data shows. Licensable technologies from the National Laboratory of the Rockies target faster drilling, extreme environment operations, and better long-term economic evaluation of sites.
Next Steps: Portfolio Deployment and Consortium Solicitations
Abundance Energy Group will now move to deploy its portfolio structure and solicit institutional and oil major participation. The COP31 ministerial press conference on November 17 will outline concrete international cooperation priorities for 2027.
Sources
- Project InnerSpace Announces the Launch of Abundance Energy Group, a Public Benefit Corporation Built to Engage Institutional Capital and Oil Majors at Scale in Geothermal Development
- Geothermal energy
- Geothermal Energy from Oil and Gas Demonstrated Engineering
- How to reduce geothermal energy prices
- The Fast Lane: 3 Modern Inventions To Advance Geothermal Energy
- At COP31, Türkiye’s geothermal announcement marks important step toward accelerating global deployment
Photo: Ken Cheung / Unsplash (Unsplash License)
