Indie Energy's geothermal technology earns U.S. Department of Energy funding

August 11, 2010

Indie Energy Systems Company, LLC announced today that it has been awarded funding by the U.S. Department of Energy for the continued development of the Company's smart geothermal technologies for commercial and public buildings. The $2.45 million grant will contribute to an innovative geothermal conversion of the Local 150 International Union of Operating Engineers office campus in Countryside, Illinois.

"This is a very exciting time both for our program and the geothermal industry in the United States," said Edward J. Wall, U.S. Department of Energy Program Manager, Office of Geothermal Technologies, Energy Efficiency and Renewable Energy. "Together we can accelerate technology development and expand the reach of this transformative industry."

The U.S. Department of Energy grant includes support for Indie Energy's smart simulation and metering technology that makes it possible to utilize the American Recovery and Reinvestment Act incentives to reduce or eliminate the first cost obstacle to widespread geothermal adoption.

"The new energy economy can be jump-started right now by using renewable, geothermal energy to heat and cool both existing and new buildings," said Indie Energy Chief Executive Officer Daniel Cheifetz. "This Department of Energy award will help us demonstrate how the American Recovery and Reinvestment Act can be used for a 'Cash for HVAC Clunkers' program by municipalities and building owners across the country," Cheifetz added.

U.S. Congresswoman Jan Schakowsky of Illinois stated, "Indie Energy is a leader in geothermal building systems and technology and has successfully implemented over two million square feet of geothermal building systems throughout my district and the State of Illinois. Their work in the field of energy efficient, renewable technology has created a significant number of green jobs, while also reducing thousands of tons of carbon annually. As a member of the House Energy and Commerce Committee, I have worked hard to promote a comprehensive energy strategy to combat climate change caused by greenhouse gases, and I am very pleased to see the U.S. Department of Energy support Indie Energy's work in this area."

U.S. Senator Richard J. Durbin of Illinois stated, "Indie Energy is developing a geothermal technology system designed to reap both environmental and economic benefits. This award from the U.S. Department of Energy will help Indie Energy create green jobs, attract private capital to the geothermal heating and cooling market, and deliver savings with clean energy systems that reduce carbon emissions."

About Indie Energy Systems Company Indie Energy is a global leader in smart geothermal technology for heating and cooling both existing and new buildings. The Company creates investment-grade geothermal systems with its innovative engineering, construction, and metering technologies. Indie Energy™ Smart Geothermal™ systems also make it possible to utilize American Recovery and Reinvestment Act incentives to make geothermal systems affordable for most buildings. Indie Energy has a portfolio of patent applications and other proprietary rights covering its innovative smart geothermal technology. Indie Energy is headquartered in Evanston, Illinois.

         
 

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