STRYDE enables 10 new geothermal seismic surveys with recent contract wins

A further five contracts for supplying its seismic solutions to geothermal exploration projects are also scheduled to commence during the second quarter of 2023.

The global contracts, which equate to a six-figure sum, will see the company’s technology deployed across the USA, Middle East, and Europe.

Two of the ten contracts include nodal equipment supply and seismic data processing for STRYDE’s largest geothermal project to date in the Middle East, as well as a European survey that was conducted alongside a geological research centre in Belgium. Five of the seismic surveys have already commenced, and all ten surveys are expected to be completed by the summer of 2023.

Until recently, seismic data was seen as an exclusive product of the oil and gas industry, due to the significant CAPEX and OPEX costs associated with acquiring the data. However, with the introduction of miniature, low-cost seismic imaging technology, STRYDE enables high-density seismic data acquisition to be affordable for emerging industries such as geothermal and CCUS to accelerate growth in these renewables sectors, as the energy industry drives towards a net-zero future.

The project wins follow the completion of several geothermal projects in 2022, including the first 3D seismic survey specifically acquired for geothermal energy in the UK, conducted by the University of Newcastle at Royal Air Force (RAF) Leeming.