Geothermal - UK?s first geothermal business awarded as finalists in Net Zero Technology Centre?s Open Innovation Progamme
Summary
The programme - which is aimed at developing technology that will reduce emissions offshore, accelerate clean energy production and enable delivery of the UKs net zero ambitions was launched in March with successful finalists announced this week.The award and subsequent funding will enable CeraPhi Energy to focus on a programme of work demonstrating how oil and gas liabilities can be repurposed into geothermal assets for net zero targets with the project expected to start by the end of the year.The funding will also enable the Geothermal Energy business to validate its technology in repurposing oil and gas wells, establish proof of technology and move towards becoming commercially operational.This is our second award from the Net Zero Technology Centre (NZTC) said Founder and CEO of CeraPhi Energy, Karl Farrow. Its a great achievement and reward for a lot of hard work from our team but more over it demonstrates the real impact geothermal energy is having within our energy transition connecting conventional Oil and Gas expertise to clean baseload energy resilience. I have said for many years that geothermal has the potential to solve energy resilience and prove a solution that can be available to everyone everywhere. This project with the support of the NZTC will be a flagship project not only for CeraPhi Energy, but potentially ground breaking for the UK providing a step change in energy transition.CeraPhi Energy is the first company in the UK to offer a complete end to end geothermal energy solution from securing finance to full development and build or equity return using inhouse proprietary innovation and technology to scale geothermal.