Meta Platforms, Inc. (NASDAQ:META) and Sage Geosystems disclosed a new agreement at the U.S. Department of Energy's (DOE) Catalyzing Next Generation Geothermal Development Workshop to expand geothermal power in the U.S. significantly.
The deal will significantly expand geothermal power use in the U.S., marking the first deployment of next-generation geothermal energy east of the Rocky Mountains.
The partnership will provide up to 150 MW of new geothermal baseload power to support Meta's data center expansion.
Meta also continues to invest in carbon-free power for its data centers. The first phase of this project is set to be operational by 2027.
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The Sage-Meta partnership is a key step in advancing sustainable energy, reinforcing Sage's geothermal leadership and Meta's commitment to clean energy.
Cindy Taff, CEO of Sage Geosystems, said, "As energy demand continues to grow, the need for reliable, resilient and sustainable power is paramount and our partnership with Meta underscores the critical need for innovative and sustainable energy solutions like ours."
U.S. Energy Deputy Secretary David Turk stated, "The U.S. has seen unprecedented growth in demand for energy as our economy grows, the manufacturing sector booms thanks to the Biden-Harris Administration's Investing in America agenda, and new industries like AI expand."
"The Administration views this increased demand as a huge opportunity to add more clean, firm power to the grid and geothermal energy is a game-changer as we work to grow our clean power supply."
Investors can gain access to the stock via Direxion Daily META Bull 2X Shares (NASDAQ:METU) and Fidelity MSCI Communication Services Index ETF (NYSE:FCOM).
Price Action: META shares are down 0.04% at $520.90 premarket at the last check Tuesday.
Image via Shutterstock
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