Volcano power: Icelandic scientist plan to drill down to magma
Published On Oct 17, 2024, 7:03 PM
Scientists in Iceland are preparing to drill into the Krafla volcano's magma as part of the Krafla Magma Testbed (KMT) project. This initiative aims to enhance the understanding of underground magma behavior, which can improve eruption predictions and harness geothermal energy from extremely hot magma. The project hopes to drill two boreholes, with the first starting in 2026, creating a magma observatory and developing new geothermal energy technology. Currently, geothermal energy primarily sourced from hot fluids is a vital part of Iceland's energy production, and this research could revolutionize energy generation and safety measures related to volcanic eruptions worldwide.
Stock Forecasts
ICLN
Positive
The Krafla Magma Testbed project represents a significant step toward advancing geothermal technology by drilling into magma, which could lead to breakthroughs in energy efficiency and eruption forecasting. Companies involved in geothermal and renewable energy sectors may benefit from technological advancements and increased investment in geothermal solutions.
TAN
Positive
The focus on geothermal energy underscores a broader push towards sustainability and renewable energy. Investments in companies that develop or utilize geothermal technology may see growth as the demand for low-carbon energy sources increases globally.
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