The United Downs project near Redruth, Cornwall is set to make history as the UK’s first integrated deep geothermal power and heat project. This week, Geothermal Engineering, the team behind the project, announced securing £15m in funding to bring their vision to life.
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The funding, which includes £12m from Kerogen Capital and £3m from Thrive Renewables, will go towards developing the United Downs project, with the goal of providing up to 10MWh of heat and 2MW of electricity by next year. The heat generated will be used to power a nearby social housing estate currently under development.
But that's not all - Geothermal Engineering has big plans for the future. With the funding, the team will also prepare other sites for geothermal power development, with the aim of generating 25MW of electricity and 100MWh of renewable heat per year by 2028.
“We believe geothermal in the UK has enormous potential to create a new industry, grow a domestic supply chain and drive employment,” said Kerogen Capital’s co-founder and chief executive Jason Cheng. “In addition, geothermal can provide security and independence from imported energy, while playing a significant role in decarbonising heat and power.”
The potential for geothermal energy in the UK is vast, and this innovative project is just the beginning. With the right investments and support, geothermal energy could revolutionize the way we power our homes and businesses, creating a more sustainable and self-sufficient future.
(source:edie.net)
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