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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.