Project Innerspace: Deep Dive

Download the report:

Summary

• What is Project InnerSpace? Project InnerSpace is a US-based nonprofit organization focused on expanding geothermal energy globally. Its core activities include GeoMap, which maps subsurface data that can help characterize geothermal resources, and Geothermal Exploration Opportunities Fund (GeoFund), which supports geothermal projects that may otherwise experience a funding “valley of death.” It also builds momentum for geothermal energy in the public and private sectors.

• How could Project InnerSpace help address climate change? Geothermal energy can reduce greenhouse gas emissions by providing carbon-free heat and electricity as an alternative to burning fossil fuels. We think Project InnerSpace can address climate change by increasing the speed at which next-generation geothermal technologies are deployed relative to the counterfactual.

• What’s new at Project Innerspace in 2024? As electricity demand from artificial intelligence and data centers grows, Project InnerSpace is promoting geothermal energy as a clean, reliable option and accelerating partnerships to help meet this demand. It is also working with other stakeholders to build demand for geothermal heat in the US and develop policy options that could catalyze funding for next-generation geothermal projects. In 2023 and 2024, Project InnerSpace launched GeoMap modules for Africa, North America, and India; it plans to launch modules for Indonesia, and Brazil soon after. Project InnerSpace, alongside its partners, also launched the Geothermal Energy from Oil and Gas Demonstrated Engineering initiative, which will adopt best practices from the oil and gas industry to address barriers to scaling next-generation geothermal technologies.

• Is there room for more funding? Project InnerSpace self-reported a $3.3 million funding gap between its baseline and “stretch” budgets for 2025. If Project InnerSpace were to fill this funding gap, it would spend a further $1.3 million on GeoFund and close to $1 million on additional experiences and conferences. Remaining funds would support start-up incubation, new state-level reports on expanding geothermal, expanded media outreach, policy advocacy, and operational growth. It could also use additional funds to expand GeoMap more quickly. We think it is likely that Project InnerSpace can use additional funding productively.

• Are there major co-benefits or potential risks? A major co-benefit of Project InnerSpace’s work is its potential for creating jobs. At the same time, we think oil and gas industry involvement in geothermal expansion poses potential conflict-of-interest risks. We describe geothermal energy’s major co-benefits and adverse effects more generally in our geothermal energy deep dive report. 

• Key uncertainties and open questions: Our key uncertainties include the expected value of different next-generation geothermal technologies and Project InnerSpace’s continued ability to execute as it scales its organization.

• Bottom line / next steps: We recommend Project InnerSpace as a top nonprofit organization based on its potential for high impact, its influence in the geothermal sector, and our assessment of its ability to execute. We also think its emphasis on fast iteration and quickly getting next-generation technologies on a learning curve complements that of Clean Air Task Force, another Giving Green recommendation, whose geothermal workstream focuses on super-hot rock geothermal energy.