GoldSim Technology Group Awarded US DOE Contract to Model Risks Associated with CO2 Storage in Geologic Formations
Issaquah, WA (USA) - September 1, 2009– The GoldSim Technology Group (GoldSim), a leading provider of advanced simulation software, today announced that it has been selected by the US Department of Energy (DOE) for one of 19 projects to enhance the capability to simulate, track, and evaluate the potential risks of carbon dioxide (CO2) storage in geologic formations. The work will be managed by the Office of Fossil Energy's National Energy Technology Laboratory.
Coal is the Nation's most abundant energy resource, supplying nearly 50 percent of domestic electricity. In order for low-cost electricity from coal-fired power plants to remain available, economical methods for capturing and storing the greenhouse gas emissions from these plants must be developed. It is widely believed that CO2 storage in deep geologic formations will be one of the most economical ways to achieve this goal.
GoldSim's award (DOE share: $1,111,920; recipient share: $277,979; duration: 27 months) is for one of several projects dealing with assessing the risks associated with the placement of the CO2 in geologic formations and the potential release of CO2 from these formations after it is stored. Projects in this topic area will develop models and protocols to assess the programmatic and technical risks associated with storing CO2 in a geologic formation. The models and protocols will enable scientists, engineers, and storage-project administrators to develop approaches to minimize those risks. GoldSim will adapt and extend their flagship probabilistic simulation framework in order to produce a tool capable of integrated system-level risk analysis for geologic CO2 storage.
To ensure that the resulting software can be readily integrated with existing tools and data and will have immediate application to real systems, GoldSim will partner with Los Alamos National Laboratory's(LANL) Earth and Environmental Sciences Division on this project. LANL currently uses GoldSim as the basis for their CO2 storage risk simulator, and this will enable LANL scientists to rapidly apply and validate the new software capabilities developed during the project.
About the GoldSim Technology Group
The GoldSim Technology Group is a privately held software company dedicated to delivering software and services to help organizations understand complex systems and make better decisions. GoldSim software is used by over 290 organizations worldwide to support risk management, strategic planning, and policy analysis in many industries, including waste management, mining, energy, manufacturing, aerospace and defense.