DECC has announced that £6 million is available from a Challenge Fund for Deep Geothermal Energy.
Geothermal Engineering’s Managing Director and Founder Ryan Law, says: “The US and Germany are already pouring millions into the geothermal industry to help kick-start commercial production. The UK has a good deep geothermal resource but we have a long way to go before we realise its full potential.”
The geothermal power plant planned for Cornwall, UK, will cost a total of £40 million to build. The geothermal power plant could produce 10 MW of electricity, to be fed into the National Grid; and 55 MW of heat energy, which will be provided free of charge for local use.
Geothermal Engineering Ltd is working with an investment bank to raise additional capital