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Funding critical for geothermal industry

  • 8 years ago (2009-11-11)
  • David Flin
Renewables 604

Speaking at the Geothermal Energy Association’s conference, Terry Kallis from the geothermal development company, Petratherm, told delegates that funding is critical to success. He said: “Funding is critical and funding sources for geothermal developers need to come from a combination of areas including the equity markets, joint venture participation and government grants. In simple terms, in order to confidently enter a proof of concept for an engineered geothermal systems project, a total of at least $30 million in funding is required.”

He said that he expects activity in the geothermal sector to accelerate considerably during 2010 on the back of renewed interest in renewable energy, the geothermal sector specifically and an improving economic situation.