Sage Geosystems Partners with NREL and Romania’s Electrocentrale Bucuresti (ELCEN) to Conduct Feasibility Study on Decarbonizing District Heating System in Bucharest
24.7.2024 09:00:00 EEST | Business Wire | Press release
Sage Geosystems Inc. (Sage), a geothermal and energy storage company, announced today that it will be partnering with Electrocentrale Bucuresti S.A. (ELCEN), Romania’s leading producer of thermal and electrical energy in Bucharest. This partnership will explore how geothermal energy can be implemented within the city of Bucharest to replace a fossil-fuel based thermal plant with a clean, reliable alternative energy source. The first project will generate up to 70MW thermal power for a district in Bucharest and upon its success will be expanded to other Romanian projects and cities.
Sage will rely on its field-proven Geopressured Geothermal System (GGS) technology, which maximizes the heat harvested and minimizes cost. A feasibility study will be performed in partnership with the National Renewable Energy Laboratory (NREL).
“Sage is thrilled to be supporting Romania’s transition to clean energy and to introduce geothermal energy applications to its capital city,” said Cindy Taff, CEO and co-founder of Sage Geosystems. Lev Ring, President and co-founder of Sage Geosystems, added “We are proud to be involved with NREL, the U.S. Department of Energy (DOE) and the Partnership for Transatlantic Energy and Climate Cooperation (P-TECC) and we are looking forward to the many partnerships and advancements we will develop in Europe as a result of this program.”
The general director of ELCEN, Claudiu Crețu, shared at the Profit Energy.forum in October 2023, that the company would be conducting studies to see if it can use the geothermal heat from underneath Bucharest for the centralized heating of the Capital.
ELCEN currently produces 40 percent of Romania’s and 90 percent of Bucharest’s thermal energy for district heating, and implementing a renewable energy source like geothermal would significantly reduce carbon emissions throughout the city and the country.
For more information, please visit www.sagegeosystems.com.
About Sage Geosystems Inc.
Sage Geosystems was founded in 2020 and is developing energy storage and geothermal baseload technologies deep in the earth. The Sage Geosystems team has over 150 combined years in the oil and gas industry, with experience delivering major projects including Deepwater, Arctic, and Unconventional shales. The company is headquartered in Houston, Texas. For more information, visit www.sagegeosystems.com.
About Electrocentrale Bucuresti S.A.
ELCEN is both an electricity producer and a heat energy producer. It is the largest thermal (heat) energy producer in Bucharest, Romania as well as nationwide. Founded in 2002, ELCEN is a subsidiary of Termoelectrica S.A.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723000910/en/
Contacts
Brad Carl
brad@teamsilverline.com
(253) 318-6852
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
www.businesswire.com
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Factbird Adds Quality & Compliance and Reports to its Manufacturing Intelligence Platform20.5.2026 09:00:00 EEST | Press release
Today, Factbird is announcing two major additions to its manufacturing intelligence platform: Quality & Compliance and Factbird Reports. Both address a problem that compounds as manufacturers grow. More sites mean more variation in how work gets done. More regulation means more documentation pressure on frontline teams. And more data, when fragmented across systems, often slows decisions rather than speeding them up. Solving this has traditionally meant large IT projects and months of deployment. “Enterprise manufacturers shouldn’t have to choose between capability and simplicity,” said Mogens Arne Hansen, Chief Technology and Product Officerat Factbird. “With Quality & Compliance and Reports, you can have standardized, audit-ready operations and automated performance reporting across every site, deployed in days, used by the people on the floor.” Quality & Compliance: standardized, compliant operations across every site Regulated manufacturers in food and beverage, pharma, and medical
The LYCRA Company to Successfully Complete Comprehensive Financial Restructuring20.5.2026 05:23:00 EEST | Press release
The LYCRA Company, LLC (“the Company”), a global leader in developing fiber and technology solutions for the apparel and personal care industries, will successfully complete its comprehensive financial restructuring process and emerge from Chapter 11 protection on May 20, 2026. The LYCRA Company has established a durable capital structure that will enable the Company’s pursuit of its growth strategy through investment in innovation, customer partnerships, and global operations. The Company will emerge from its comprehensive restructuring process with significantly enhanced financial flexibility and a strengthened balance sheet to support long-term growth. The Company will have reduced its total long-term debt by more than $1.2 billion and will obtain more than $75 million in new money investment. Throughout the process, the Company has maintained uninterrupted operations and continues to deliver on commitments to its employees, customers, and vendors. The LYCRA Company will be supporte
Johns Manville Announces John Vasuta as New CEO19.5.2026 23:30:00 EEST | Press release
Johns Manville (JM), a global building and specialty products manufacturer and a Berkshire Hathaway company, announced today that Bob Wamboldt will retire and John Vasuta will assume the role of President and Chief Executive Officer, effective August 1, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519630814/en/ John Vasuta will become JM's CEO and President on August 1, 2026. Vasuta joined Johns Manville in 2019 as President of the company’s Engineered Products business. He also serves on the Board of Directors for EJ, a global leader and private manufacturer of infrastructure access products for water, sewer, utilities, drainage and telecommunications. “It’s an extraordinary privilege to step into the role of CEO,” Vasuta said. “I’m deeply honored to continue serving our customers and supporting the employees whose dedication makes our success possible.” Before joining JM, John held leadership roles at Bridgeston
Mereo Insurance Announces Move into Excess Casualty Insurance19.5.2026 23:12:00 EEST | Press release
Mereo Insurance Limited (“Mereo”) today announced a renewal rights transaction with Everen Specialty Ltd. (“ESL”), a member of the Everen Group, for ESL’s Excess Casualty Energy portfolio. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519154915/en/ David Croom-Johnson, President & Chief Executive Officer of Mereo Insurance Limited Under the transaction, Mereo will become the insurance carrier on a go-forward basis for both new and renewed business effective June 1, 2026. ESL’s underwriting team and underwriting systems supporting the Excess Casualty Energy portfolio will also transition to Mereo, led by former ESL Chief Underwriting Officer, Carla Greaves. Under the terms of the agreement, Mereo will provide ESL insureds with continuity of coverage, access to AM Best “A- rated” paper, and the support of Mereo’s strong capital base, while ESL will service claims, ensuring that insureds continue to benefit from ESL’s promp
Grid Dynamics Launches AI-Native Modernization on Azure, Targeting Larger Enterprise Deals19.5.2026 23:05:00 EEST | Press release
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a premier AI transformation partner for the Fortune 1000, today announced an AI-native modernization service offering on Microsoft Azure, powered by its GAIN Platform for SDLC. The offering targets large enterprise clients running mission-critical, high-transaction-volume legacy environments. By tackling their biggest roadblocks—technical debt and legacy licensing costs—it addresses a market segment known for larger contracts and stronger margins. Microsoft reported that Azure revenue surpassed $75 billion in 2025, up 34% year-over-year, reflecting strong and accelerating enterprise migration demand. Grid Dynamics, a Microsoft Azure specialized partner with five advanced specializations, including Infra and Database Migration, is built to capture this opportunity. Through the Azure Accelerate program, Grid Dynamics clients benefit from free Microsoft deployment assistance, Azure credits, partner funding, and funded migratio
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom