Geothermal welcomes funding move
Published Monday, October 26th, 2009
Posted by Nick Eyriey
Editorial director Nick Eyriey is an experienced and respected journalist having spent some 20 years in the local and national press working with newspapers such as The Yorkshire Post, Today, The Sun, and the Mail on Sunday.
High hopes for 'hot rocks' energy
Geothermal Engineering Ltd is to apply for funding announced last week by the Department for Energy and Climate Change (DECC).
DECC is making £6 million available from a ‘Challenge Fund for Deep Geothermal Energy’. Geothermal Engineering recently revealed plans to build the UK’s first commercial-scale geothermal power plant just outside Redruth.
The DECC fund has been welcomed by Geothermal Engineering’s MD and founder Ryan Law. He said: “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.
“DECC’s announcement is a step in the right direction and, for us, certainly a very welcome one. Geothermal energy is a renewable, green and economical power source and I’m absolutely convinced that this a resource we must develop if we’re to meet the energy needs of the future.”
The geothermal power plant planned for Cornwall will cost a total of £40 million to build. The power plant in Cornwall will produce 10MW of electricity, to be fed into the National Grid; and 55MW 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.
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