Geothermal Engineering Ltd, a London & Cornwall, UK-based developer and operator of geothermal plants, raised £15M in funding.
Backers included Kerogen Capital and Thrive Renewables PLC.
The company intends to use the funds to advance its deep geothermal plant at United Downs site in Cornwall, as well as prepare new geothermal sites in Cornwall which have recently received planning permission.
Led by Ryan Law, Managing Director, Geothermal Engineering was established in 2008 to deliver deep geothermal heat and power projects in the UK. It consists of a team of specialised geologists and engineers focused on innovative methods of delivering sustainable energy that benefits local communities. This includes the United Downs Project and Jubilee Pool geothermal project at Penzance. Up until this latest investment, the United Downs project has cost £30m, part funded by the European Regional Development Fund, Cornwall Council and Thrive Renewables plc.
The company aims to provide 25 MWe of baseload electricity and 100 MWh of heat energy across its geothermal portfolio by 2028, enough heat and power for 70,000 homes.
In addition to the current funding, renewable energy investment company, Thrive Renewables, made its first commercial investment of £3M into United Downs in January 2020 to support final testing of wells at the site, as well as £0.47M in 2021 to fund planning applications for additional potential geothermal sites.
FinSMEs
09/03/2023