On June 6, X, the "moonshot" division of Google's parent company Alphabet, announcedthat it's launching a new geothermal company, called Dandelion.
The company, which has raised $2 million, said it plans to affordably drill and install geothermal systems in homes to heat and cool them.
Geothermal systems leverage a type of renewable energy that some researchers say has vast potential. The geothermal energy market was valued at over $34 billion in 2016 and is set to grow to $57 billion by 2024, according to a 2017 Global Market Insights report. Though the United States is the largest consumer of geothermal power in the world, only about 0.4% of electricity — enough for about three million Americans — comes from geothermal energy today.
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