Project InnerSpace and SPE Launch Geothermal Resources Management System to Enhance Geothermal Capital Markets
Project InnerSpace partners with the Society of Petroleum Engineers to launch the Geothermal Resources Management System (GRMS), aimed at addressing financial barriers to geothermal development. The GRMS will standardize the classification and reporting of geothermal resources, thereby enhancing investor confidence and reducing legal costs. Initial framework development is expected within one year, with standardized contracts projected to save over $100 million annually in legal expenses. The initiative seeks to unlock billions in capital for geothermal energy, which is currently underfunded compared to oil and gas sectors.
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Project InnerSpace and the Society of Petroleum Engineers (SPE) have launched the Geothermal Resources Management System (GRMS) to standardize geothermal resource classification and reporting. This initiative is the result of a two-year analysis identifying the lack of a unified framework as a key barrier to geothermal capital markets.
The GRMS framework is modeled on the Petroleum Resources Management System (PRMS) and is expected to reduce legal and transaction costs by 40-60%, saving the industry over $100 million annually. Initial development of the GRMS is anticipated within one year, enabling geothermal projects to attract institutional investment similar to oil and gas. The current capital flow into geothermal is significantly lower than the potential, with the GRMS designed to close this gap by increasing market confidence.
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