About
Founded in 2018, Greenwell Energy is a private headquartered in Vienna, Austria with approximately 10-50 employees specializing in Geothermal.
Founded in 2018 by former petroleum and environmental engineers, Greenwell Energy repurposes end-of-life oil and gas wells as sustainable geothermal heat sources. The company plugs the wellbore to prevent hydrocarbon entry, circulates cool fluid through the well to extract geothermal heat, and delivers this renewable energy to customers via leased infrastructure. Target sectors include greenhouse cultivation, aquaculture, vertical farming, insect protein production, and food processing. The business model shifts risk to Greenwell while customers pay predictable flat lease rates, avoiding capital expenditure and energy price exposure. First commercial project launch planned for heating season 2025/26. The solution reduces CO2 emissions by approximately one oil tanker equivalent per converted well annually.
Headquarters
Vienna, Austria
Founded
2018
Employees
10-50
Company Type
Private