Geothermal Engineering Ltd has bid for a share of the £1.4 billion Regional Growth Fund.
The company, which last summer obtained planning permission to build its first geothermal power plant near Redruth, plans to develop up to 30 further plants in Devon and Cornwall with the capacity to meet half of Cornwall’s current electricity demand.
MD Ryan Law said: “The deep geothermal sector represents an enormous opportunity for the economy and as an industry could provide up to 30,000 jobs in the UK.
“The south west, in particular Devon and Cornwall, has a good deep geothermal resource and we hope the Government will recognise that with a relatively minor investment, Geothermal Engineering Ltd will be able to leverage the private capital required to transform the region by creating new jobs, boosting local industry and attracting private investment across the UK.”
The Regional Growth Fund aims to stimulate enterprise by providing support for projects and programmes with significant potential for creating long term private sector led economic growth and employment.