UK Geothermal Energy pioneers CeraPhi Energy, and Climate Change Ventures (CCV), the integrated financial services and green project development specialists, have joined forces to exploit their knowledge and experience in bringing terrestrial, thermally derived green energy to the marketplace with CCV facilitating significant investment in CeraPhi’s portfolio of projects.
CeraPhi has pioneered the use of advanced 'closed loop' geothermal technologies, which can be optimised to re-use redundant Oil and Gas wells in a cost-effective, highly efficient way. With a portfolio of acquisitions, they are now set to exploit a series of opportunities, promising shortened development timeframes, and much needed, 24/7 supplies of heat and derived energy at attractive costs of production. CCV, is bringing project finance, using a 'Green Bond' mechanism to enable CeraPhi to help realise their vision to exploit 'the heat beneath our feet'.
The arrangement was concluded in an agreement between both parties signed by Karl Farrow, CEO of CeraPhi, and Horacio Carvalho, CEO of CCV.
Karl Farrow said, 'CeraPhi has developed a portfolio of projects around the reusing of end-of-life Oil and Gas wells over the last 12 months, whilst working with CCV to develop a viable financial model to accelerate our project development as a leader in the geothermal energy utility space. The availability of funding through the facility set up by CCV will allow the company to deliver multiple commercial-scale geothermal energy projects, which will help consolidate our position as a leader in the geothermal energy space. We are a mission-driven business and initiatives like this are what are required to shift the trajectory in carbon reduction and to help governments achieve Net Zero targets'.
Horacio Carvalho commented, 'We have been observing the innovative approach to green heat and power production adopted by CeraPhi for some time now, and we have grown to appreciate the true potential that they can provide for reducing greenhouse gases and making our planet a safer place. We are delighted to be working alongside them in funding our joint ambition to bring to the market their contribution to solving the climate crisis problem. Exciting times lie ahead.'
Source: CeraPhi Energy
