LONG BEACH, Calif. & HOUSTON--(BUSINESS WIRE)-- #CRC--Sage Geosystems, Inc. (Sage) and California Resources Corporation (NYSE: CRC) today announced the signing of a Memorandum of Understanding (MOU) to establish a collaborative framework for pursuing commercial projects and joint funding opportunities related to subsurface energy storage and geothermal power generation in California.
This strategic partnership between Sage and CRC will focus on developing clean and reliable energy solutions in the State of California. Current estimates are that the global electricity demand will double by 2050, and this does not include the demand for data centers with artificial intelligence (AI) capabilities.
By leveraging our combined expertise and resources, the companies aim to achieve significant progress in the field of subsurface energy storage and geothermal power generation.
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