Penn Field
Advancing Geothermal Energy
In 2023, CIM launched its first geothermal energy project with Bedrock Energy, a cutting-edge geothermal heating and cooling company based in Austin, Texas. Bedrock Energy uses the latest technology to optimize and conduct geothermal drilling in dense, urban areas.
Geothermal heating and cooling systems take advantage of the relatively stable temperatures underground by using thermal energy of the subsurface to heat the building in the winter and cool the building in the summer.
Heat pumps are used to significantly decrease energy usage, more so than traditional HVAC systems, and can be two to four times more energy efficient than conventional systems. In places like Texas in particular, where the grid is prone to blackouts due to high cooling demands, geothermal systems can help reduce peak energy consumption and associated stress on the grid.
As operational emissions from electricity and energy use are the main source of greenhouse gases from existing buildings, deploying this geothermal technology at Penn Field can be a solution for energy-efficient heating and cooling.
“We look forward to continuing our relationship with Bedrock as they grow. Our mutual pursuit of a more sustainable built environment makes them a great partner.”
— Samuel Phelps
PhD, Associate Vice President
Portfolio Oversight
Additional
ESG
Case Studies
Engaging Our Tenants and Residents
Integrating Sustainability in the Heart of Denver
Example case studies are shown to illustrate capabilities within the strategy. There is no guarantee that any strategy objectives will be met or that past results will be replicated.
CIM 4101898