The agreement comprises four phases. The first two phases consist of approximately US$18bn in US infrastructure improvement projects. Using EarthGrid’s patented plasma-powered machines, the joint venture will develop a network of underground tunnels designed to upgrade the electricity grid and fibre networks.
To meet the US goal of reaching net-zero by 2050, more than one million miles of new transmission will be required over three decades. Through the joint venture, EarthGrid will enable more than 100GW of new renewable energy to be added to the US grid while also addressing grid congestion in strategic locations.
“On average, it takes 10-20 years to develop, permit, and build new overhead transmission lines, making it evident that an alternative approach is critical to meet the needs of US environmental goals,” said EarthGrid founder and CEO Troy Helming. “Through our joint venture with EnerTech, a cleantech and infrastructure developer, we are proud to support the much-needed evolution of the US power grid, enabling clean energy and improving core infrastructure development.”
EarthGrid says its plasma-boring technology and proprietary approach reduce the time and costs of putting transmission lines underground, without harmful chemicals and primarily powered by clean energy.
The company says its cleantech approach aligns with EnerTech’s goals to deploy breakthrough technology globally, with projects first in the US, and later Europe and the Middle East, to accelerate the deployment of clean energy options worldwide.
“We are thrilled to announce this partnership with EarthGrid to deploy what we believe is the fastest and most cost-efficient tunnel boring technology by far to improve core infrastructure,” said EnerTech CEO Abdullah Al Mutairi.
As a registered telecommunications utility in 46 states, EarthGrid offers its customers and partners preferred access to rights of way alongside public roadways to expedite underground fibre projects. It intends to secure permits, as needed, to add additional infrastructure to its tunnels and trenches, including power, water, and robotic freight tubes.
EarthGrid was founded in 2016 with the goal of creating a network of underground tunnels to transmit clean energy and high-speed broadband across the US. In addition to expanding electricity capacity, Ethe company aims to enhance the safety, security, and reliability of grid infrastructure, housing critical infrastructure underground to mitigate the impact of natural disasters.
