Exergy's snapshot: revenue boom with hi-tech geothermal energy

Systems that harness underground heat, drawn even kilometres underground, and convert it into mechanical and then electrical energy. A distinctive element, which characterises a good part of the company's 180 patents, is the special technology used for the turbine, a system that maximises the efficiency of energy conversion but also speeds up maintenance times by avoiding the complete draining of the geothermal plant. "An operation that can take up to a week to complete," the manager explains, "and taking into account that each day of production downtime can cost $50,000 in lost revenue, the foreseeable savings are considerable: it is one of the ways in which we manage to make our offer distinctive.

The basic technology is that of the radial outflow turbine, which, unlike traditional turbines, does not operate in contact with steam but with an organic fluid, thus suffering less corrosive phenomena and requiring less radical maintenance.

First market for Exergy is Turkey, which is worth almost half of the revenues, although the heaviest recent contract is the one in the Azores, worth EUR 25 million, whose main parts are now being processed at the Olgiate Olona site.

'We work with local zero kilometre suppliers,' explains the manager, 'and this gives us great operational flexibility. We do the same in Turkey, bearing in mind that the government in Ankara demands a relevant local content for production'.-

Exergy, which has already installed more than 60 plants worldwide, also aims to operate in the industrial sector, providing plants capable of recovering part of the heat produced by basic processes, e.g. in cement or paper and steel.

'Our goal within three years is to reach 100 million,' the manager explains, 'and in this path I believe that our membership of Borsa Italiana's Elite path is an important asset. It has allowed us to raise funds for research and development activities and gives us an important network of relationships and information to continue growing worldwide. Italia? It has great potential, but time and costs are currently excessive, and incentives are still inadequate to make investments attractive. For example, if in Kenya it takes 400,000 euro to dig one kilometre deep, here in Italia it costs more than three times as much'.

Compared to the Covid period, Exergy's workforce, mostly made up of engineers, doubled in Italia to 70 (another 18 employees are in Turkey), but the goal is to reach 100 by the end of the year, with mechanical and electronic engineers and project managers in particular to follow and develop individual orders.