Seattle-based geothermal energy developer AltaRock Energy is planning to harness the power of Newberry Volcano, a dormant volcano in central Oregon, for the sake of energy production. According to USA Today, the company plans on pumping 24 million gallons of water into the Newberry Volcano in an effort to tap into a new alternative energy source, with the hopes that the water will return to the surface hot enough to generate energy. Related stories: Wasting resources may lead to new recession EU: Clean energy costs no more in long run Teen wows experts with innovative solar panel array AltaRock Energy developers hope the water comes back to the surface fast enough and hot enough to create cheap, clean electricity, the report said. So far, efforts to use the earth's own heat to generate power – known as geothermal energy – have been delayed by both technical problems and concerns that such attempt would provoke both volcano eruptions and earthquakes. AltaRock Energy has been able to raise $43 million for the Oregon project. The US Department of Energy has given the project $21.5 million in stimulus funds, which have has been matched by private investors, including Google with $6.3 million. "We know the heat is there," Susan Petty, president of AltaRock, said. "The big issue is can we circulate enough water through the system to make it economic." Raw power (Illustration: AFP) To tap this potential energy source, engineers are working on a new technology called Enhanced Geothermal Systems. "To build geothermal in a big way beyond where it is now requires new technology, and that is where EGS comes in," Steve Hickman, a research geophysicist with the US Geological Survey said. Still, there are constant concerns that cracking rock deep underground through hydroshearing could lead to damaging quakes. AltaRock hopes that its new technology, based on the plastic polymers used to make biodegradable cups, will prove safe. AltaRock's research suggests that the danger of a major quake at Newbery is very low. "The area is a kind of seismic dead zone, with no significant faults. It is far enough from population centers to make property damage unlikely and the layers of volcanic ash built up over millennia dampen any shaking," the report said. Still, the US Department of Energy said it will be keeping a close eye on the project and any significant quakes would shut it down, at least temporarily. Geologists believe Newberry Volcano was once one of the tallest peaks in the Cascades, reaching an elevation of 10,000 feet and a diameter of 20 miles. It has not erupted in 1,300 years. AP contributed to this report Follow Ynetnews on Facebook and Twitter