Geothermal Engineering: Raises £15M in Funding

Geothermal Engineering Raises £15M in Funding

• 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
• GeothermalEngineering 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
• 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