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Global Geothermal Power Market Review 2026.

Global Geothermal Power: Policies, Funding, Wells, Strengths, Opportunities and Barriers Geothermal is moving into a broader investment cycle. In 2026, the story is no longer limited to volcanic power plants in a few classic markets; it now includes enhanced geothermal systems, closed-loop designs, district heating, superhot rock, lithium from brines and industrial heat. Across the United States, Canada, Germany, the United Kingdom, Australia, New Zealand, Japan, Iceland, France and Italy, the sector is being shaped by a simple question: who is de-risking the first wells, and who is ready to finance the next ones?  United States: the next-generation testbed The United States has the broadest geothermal innovation ecosystem in this group, with a mature conventional base in the West and a fast-growing next-generation pipeline. The main policy signal in 2026 is the Department of Energy’s US$171.5 million funding opportunity for next-generation geothermal field-scale tests, exploration...

The Billion-Dollar Gamble Beneath Our Feet: Why Geothermal Exploration Is the Industry’s Greatest Risk

Exploration Risk: The Billion-Dollar Gamble Beneath Our Feet By:  Robert Buluma Image credit: Kane Watikson on LinkedIn  Geothermal energy is often described as the sleeping giant of the clean energy transition  constant, weather-independent, capable of delivering 24/7 baseload power without the intermittency that defines solar and wind. Yet despite this extraordinary promise, geothermal remains underdeveloped in most parts of the world. The reason is not lack of heat. It is not lack of demand. It is not even lack of technology and not even  FINANCE ,  Whilst many will throw that policy card, but Alphaxioms is already future proofing that .  The real barrier lies several kilometers beneath our feet  in uncertainty. Exploration risk is the defining challenge of geothermal energy. Unlike wind turbines that can measure wind speeds before construction, or solar farms that can predict output from sunlight data, geothermal developers must make multimillion-d...

Cornish Lithium Secures £35M to Advance Geothermal Lithium and Critical Mineral Projects in the UK

Cornish Lithium  Secures £35M in Equity Funding  A Milestone for UK Critical Minerals By:  Robert Buluma In a major boost for the UK’s domestic battery supply ambitions,  Cornish Lithium has announced that it has secured £35 million in new equity funding. This capital raise is intended to propel its key projects closer to construction and commercial stages, marking a pivotal moment in the firm’s trajectory. Backing & Investors The funding round is led by existing institutional backers, with up to £31 million coming from the National Wealth Fund (NWF) , and approximately £4 million from TechMet , a long-standing investor in the company. Cornish Lithium’s legal counsel for the deal was Mayer Brown. What the Funds Will Be Used For Cornish Lithium will allocate the capital toward advancing two flagship projects: Trelavour Lithium Project : The funds will support further engineering work, feasibility studies, and help lead the project toward a construction...

UK Energy Sector Embraces Geothermal Heating with Strategic MoU

Star Energy and Veolia Forge Geothermal Partnership to Decarbonise the UK’s Heating Sector By: Robert Buluma In a groundbreaking move toward the decarbonisation of the United Kingdom’s heating systems, Star Energy Group Plc has signed a Memorandum of Understanding (MoU) with French infrastructure giant Veolia .  The partnership will focus on developing large-scale geothermal heating projects aimed at transforming the energy landscape across commercial, residential, and industrial sectors. This strategic collaboration is set to advance district heating schemes , reduce emissions, and support the UK’s ambition to achieve net-zero carbon emissions by 2050 . Geothermal Energy: A Reliable, Home-Grown Heat Source The partnership aligns with Star Energy’s diversification strategy , building on its extensive subsurface expertise to spearhead innovation in renewable geothermal energy . Veolia brings its global GreenUp strategy into play, aimed at reducing emissions and delivering envir...

Geothermal Fully Funded PhD at Sheffield With SLB

Exploring Buoyancy Effects in Advanced Geothermal Systems: A Fully Funded PhD Opportunity at the University of Sheffield By: Robert Buluma Image: Sheffield Home Garden The global demand for sustainable and scalable renewable energy has positioned geothermal energy as a critical player in the clean energy transition. However, traditional geothermal systems often face geographic limitations, restricting their deployment to specific locations. Enter Advanced Geothermal Systems (AGS)—a revolutionary approach poised to unlock geothermal energy's global potential. If you are passionate about tackling the challenges of geothermal energy and possess a solid background in engineering or applied sciences, the University of Sheffield is offering a fully funded four-year EPSRC iCASE PhD studentship in collaboration with SLB, a leader in energy technology innovation. We reported earlier on on how SLB , formerly Schullumberger joined forces with Ormat in Geothermal energy expeditions The Focus o...

UK Bolsters Grenada's Geothermal Ambition With €10 Million Investment

UK Allocates £10 Million to Accelerate Grenada’s Green Energy Transition By:  Robert Buluma Grenada has received a significant boost in its journey toward sustainable energy solutions, thanks to a £10 million investment from the UK government. The announcement was made during a meeting between Baroness Chapman, the UK Minister for Latin America and the Caribbean, and Grenadian Prime Minister Dickon Mitchell in St. George’s.   This funding will be directed toward Grenada’s Geothermal Energy Development Project, which aims to explore the viability of the country’s geothermal resources. If successful, this initiative could reduce Grenada’s heavy reliance on imported fossil fuels and lay the groundwork for locally sourced, cost-effective, and climate-resilient energy solutions.   A Major Step Toward Energy Independence   Baroness Chapman emphasized the importance of this investment, stating, *“I am thrilled to announce £10m in new funding, which is support...

UK FIRST GEOTHERMAL NATIONAL CENTER COMES TO LIFE

UK’s First National Centre Launched to Advance Geothermal Energy By: Robert Buluma The dawn of a new era in renewable energy is upon us as the UK proudly introduces its first  National Geothermal Center (NGC). Launched with the ambitious goal of harnessing the earth's natural heat to decarbonize the future energy mix, this pioneering initiative marks a significant leap forward in the nation’s journey toward sustainable energy. A Collaborative Effort Backed by substantial funding from Durham University , the Net Zero Technology Centre (NZTC), SHIFT Geothermal, and The Reece Foundation, the  NGC aims to be the driving force behind the UK’s geothermal sector. This collaborative effort seeks to stimulate and support groundbreaking research and innovation, while also shaping a robust policy, regulation, and investment framework to accelerate geothermal advancements. The Sleeping Giant Awakens Geothermal energy, often referred to as the "sleeping giant" of the renewable energ...

Star Energy To Invest €25 Million Oil and Gas Proceeds In Geothermal Energy

Powering the Future: Star Energy Group Bold Move Towards Geothermal Energy By: Robert Buluma In a groundbreaking move towards sustainable energy, Star Energy Group (AIM: STAR) has just announced the closing of a new €25 million secured facility with Kommunalkredit Austria AG (Kommunalkredit). This financial boost marks a significant step in Star Energy's transition strategy, particularly focusing on geothermal energy while maintaining investments in conventional oil and gas businesses. Chris Hopkinson, the CEO of Star Energy expressed his excitement, stating, "Securing this facility is an important milestone for Star Energy. It allows us to use cashflows from our existing oil and gas business to optimize near-term conventional production and deliver our transition strategy; namely developing and monetizing our geothermal business in both the UK and Croatia." Evidently,Oil and gas companies have been going Geothermal and Today we've found a new neighbor What makes th...

Geothermal Energy To Decarbonize British Museum

Exploring the Potential of Mine Water: A Sustainable Heating Solution In the heart of Wakefield, nestled within the remnants of the coal mining industry, lies a beacon of innovation – the National Coal Mining Museum. While it serves as a testament to the region's rich mining heritage, it is also paving the way for a sustainable future through an ingenious use of mine water. Recently, the museum has embarked on a groundbreaking project to harness the latent energy stored within flooded mine shafts. Director Shaun McLoughlin, a veteran of the mining industry, envisions a future where this abundant resource can be utilized to heat not only the museum itself but also nearby homes and even HMP New Hall. The concept is simple yet profound: tapping into the geothermal energy naturally present in mine water to provide heat and power. This approach not only offers a renewable alternative to traditional heating methods but also contributes to efforts to reduce carbon emissions. At the heart ...

Launch Of Primeval Energy, A Geothermal Solutions Company

Revolutionizing Energy Transition: Primeval Energy's Geothermal Solutions In the midst of a global  push towards sustainable energy sources, one company stands out as a beacon of innovation and progress: Primeval Energy. Led by a team of seasoned experts including Andy Wood, Lain Pittman, Phillip Boland, Howard Tolman, and Tania Zepeda Luna, Primeval Energy is at the forefront of advancing geothermal solutions to drive the energy transition forward. Unveiling the Power of Geothermal Energy Geothermal energy, often overlooked in favor of more conventional sources, holds immense potential as a clean, renewable, and reliable energy alternative. Primeval Energy recognizes this potential and is dedicated to unlocking the power of geothermal resources in a way that is both efficient and sustainable. A Versatile Team Leading the Charge With decades of combined experience in the energy sector, the team at Primeval Energy brings a wealth of expertise to the table. From geology and engineeri...

GEL Construsts UK's Geothermal Plant as it eyes Brine Lithium

**Title: Unveiling Cornwall's Geothermal Revolution: A Leap Towards Sustainable Energy** In the serene landscapes of Cornwall, a groundbreaking initiative is taking shape, poised to redefine the region's energy landscape. Construction has commenced on the United Kingdom's inaugural geothermal power plant, marking a momentous leap towards sustainable energy production. **Pioneering the Path to Renewable Energy** At the forefront of this ambitious endeavor is Geothermal Engineering Limited (GEL), spearheading efforts to harness the Earth's natural heat reservoirs. With construction activities in full swing at the United Downs site, anticipation is building for the commencement of renewable electricity generation by late 2024. **A Vision of Sustainability** The vision behind the United Downs facility extends far beyond mere power generation. By tapping into the inherent warmth of hot granite rocks through deep wells drilled and tested meticulously, the project promises to ...

EGEC to announce Ruggero Bertani EGIA award winner at GeoTHERM expo and Congres

  Announcing the Top 5 Most Innovative Geothermal Projects in 2024 The anticipation is building as the European Geothermal Energy Council (EGEC) reveals the finalists for the prestigious Ruggero Bertani European Geothermal Innovation Award 2024. These groundbreaking projects showcase the forefront of geothermal technology and will be vying for recognition at the GeoTHERM expo & congress, set to unfold between February 29 and March 1, 2024, in Offenburg, Germany. 1. Canopus Drilling Solutions Geothermal BV (Netherlands) Project: Field pilot of the Directional Steel Shot Drilling technology at VersuchsStollen Hagerbach, CH. Canopus Drilling Solutions introduces the Directional Steel Shot Drilling (DSSD) technology, proving its ability to drill three times faster than traditional methods. A successful field pilot at VersuchsStollen Hagerbach demonstrated the prowess of DSSD by steering through various rock types and depths, marking a significant leap in drilling efficiency. 2. Deu...

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Top 10 Critical Geothermal Energy Problems Costs Risks Seismicity

Top 10 Geothermal Problems: Why a 24/7 Resource Still Struggles to Scale Image credit : Fida, C.E.O Geosilica... This is what scaling looks like downhole in geothermal pipes Intelligence; Strategy for the Geothermal Decade Geothermal energy is often presented as the clean firm resource that can support a renewable electricity system around the clock. It does not depend on sunshine, it can operate through calm weather, and it can provide heat and power for decades. Kenya already relies heavily on geothermal generation , Iceland uses geothermal heat across its economy, and next generation developers are now signing large power contracts with technology companies seeking reliable carbon free electricity. Yet the global geothermal sector remains small compared with solar and wind, with installed electricity capacity still near 16 GW.  That gap is not caused by one obstacle. It is produced by a chain of interlocking problems involving geology, drilling, finance, permitting, public acce...

Serbia Advances Mišeluk Geothermal District Heating Project in Novi Sad

Serbia Advances Geothermal Drilling for the Mišeluk District Heating Plant in Novi Sad Serbia is moving forward with plans to develop a geothermal district heating system in Mišeluk, a rapidly urbanizing area of Novi Sad. The project is intended to place geothermal energy at the centre of a new low-carbon heating network, supported by solar power and natural gas backup. Exploratory drilling and construction of the heat distribution network are being carried out by JKP Novosadska toplana, Novi Sad’s public district heating utility. The initiative is supported through the United Nations Development Programme’s “Geothermal Energy in Serbia” programme, with financial backing from Slovakia.  The Mišeluk project is important not only because it could provide a new renewable heat source for Novi Sad, but also because it demonstrates how geothermal energy can be integrated into urban development from the earliest planning stages. Rather than retrofitting a geothermal system into an establi...

Alphaxioms Interviews Rystad Energy: Geothermal's Inflection Point, Policy, and Drilling Breakthroughs

Geothermal at an Inflection Point: Why Policy, Conventional Resources, and Drilling Breakthroughs Will Define the Next Decade This interview was conducted by Robert Buluma on behalf of Alphaxioms,  responses delivered by  Alexandra Gerken Product manager, Geothermal solution at Rystad Energy   Introduction: The Strategic Crossroads for Geothermal Geothermal energy is entering a decisive phase. After decades of steady but regionally concentrated development, the sector now faces a confluence of technological innovation, policy ambition, and market demand that could either unlock global scale or confine geothermal to niche applications. Alexandra Gerken, Product Manager for Geothermal Solutions at  Rystad Energy , offers a clear-eyed assessment of where the industry stands, which technologies will drive near-term growth, and what must happen for geothermal to become a globally significant source of firm, low-carbon power. Her analysis emphasizes three pillars: the imme...

Global Geothermal Power Market Review 2026.

Global Geothermal Power: Policies, Funding, Wells, Strengths, Opportunities and Barriers Geothermal is moving into a broader investment cycle. In 2026, the story is no longer limited to volcanic power plants in a few classic markets; it now includes enhanced geothermal systems, closed-loop designs, district heating, superhot rock, lithium from brines and industrial heat. Across the United States, Canada, Germany, the United Kingdom, Australia, New Zealand, Japan, Iceland, France and Italy, the sector is being shaped by a simple question: who is de-risking the first wells, and who is ready to finance the next ones?  United States: the next-generation testbed The United States has the broadest geothermal innovation ecosystem in this group, with a mature conventional base in the West and a fast-growing next-generation pipeline. The main policy signal in 2026 is the Department of Energy’s US$171.5 million funding opportunity for next-generation geothermal field-scale tests, exploration...

North America Geothermal Energy Investment Opportunities, Companies, Resources, and Market Outlook

Investment Opportunities in North American Geothermal Energy North America is entering a new investment cycle in geothermal energy. The United States offers the region’s deepest commercial market and the largest advanced-geothermal pipeline; Mexico provides proven high-temperature volcanic resources and an established utility-scale industry; while Canada presents an earlier-stage opportunity centered on sedimentary-basin geothermal, direct-use heating, closed-loop systems, and oil-and-gas technology transfer. The investment case now extends well beyond conventional geothermal power plants. It includes enhanced geothermal systems, advanced closed-loop systems, geothermal heat pumps, district heating, industrial heat, geothermal storage, lithium extraction from geothermal brines, data-center power, and hybrid renewable-energy projects. In the United States, utilities had already procured or agreed to procure 1,007 MW of next-generation geothermal capacity through 12 power-purchase agreem...

PT Geo Dipa Energi Launches Strategic Minor Overhaul Tender for Dieng Unit 1 to Strengthen Geothermal Reliability

PT Geo Dipa Energi Opens Tender for Minor Overhaul of Dieng Unit 1 in 2026 Image: Indonesian Geothermal power plant PT Geo Dipa Energi (Persero) has opened a tender for the minor overhaul of the Dieng Geothermal Power Plant Unit 1 in 2026, signaling a continued focus on preserving the reliability of one of Indonesia’s most important geothermal assets. The procurement is aimed at selecting a qualified contractor with proven experience in turbine and generator maintenance for thermal power plants, underscoring the technical complexity and operational importance of the work. The tender, identified as RKS-004-PST/GDE/I/2026, uses a post-qualification bidding method and applies strict administrative, technical, and safety requirements. The schedule places document registration and collection between 26 and 28 January 2026, followed by a mandatory RKS explanation session and field visit on 29 January 2026. Procurement Scope and Process The procurement procedure requires prospective bidders...

"US Geothermal Tax Credits 2026: What the IRA/45Q Changes Mean for Developers"

US Geothermal Tax Credits in 2026: What Is Actually Still Alive After OBBBA For an industry that spent more than a decade building financial models around a stable federal incentive structure, 2026 has been a year of whiplash. The 30% federal geothermal tax credit that developers and homeowners built forecasts around is gone in one form and still alive in another, and even the IRS’s own public guidance has been confusing enough to trigger uncertainty across the market. That confusion is not a minor clerical issue. It is shaping investment decisions, contractor sales pitches, homeowner timelines, and project finance assumptions right now. If you work in geothermal, the key question is no longer whether federal incentives exist, but which incentive applies, to which project type, and under what ownership structure. The law that changed the timeline To understand where things stand in 2026, you have to start with the Inflation Reduction Act of 2022, which created a long runway for clean e...

New Mexico Tribal Geothermal Development: Energy Sovereignty, Jobs, Investment

New Mexico’s Tribal Lands Poised for Geothermal Development: Opportunity, Challenges, and Pathways to Energy Sovereignty Image:  Located in Lordsburg, Lightning Dock is the only utility scale geothermal power plant in New Mexico. (BLM New Mexico via Flickr) Why geothermal matters for New Mexico tribes, nations, and pueblos Geothermal energy uses heat from the earth to produce electricity or heat buildings directly. For New Mexico — a state with abundant subsurface heat resources — geothermal offers a reliable, low‑emission complement to wind and solar. Unlike intermittent renewables, geothermal provides baseload power capable of supporting grid stability and reducing reliance on fossil fuels. For tribal communities, geothermal has particular appeal: it aligns with many Indigenous values around stewardship, can be developed with relatively low water demand compared with some thermal technologies, and offers long‑term revenue, jobs, and enhanced local control over energy resources. E...

Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well

Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well for Aalborg Heat4Ever Demonstration Denmark is moving from geothermal ambition to execution. Green Therma has selected Helmerich & Payne to drill the Heat4Ever demonstration well near Aalborg, a project that could become one of the country’s most technically ambitious geothermal developments and a meaningful test of closed-loop district heating.   A milestone for Danish geothermal The Aalborg Heat4Ever project matters because it is designed to prove that geothermal heat can be delivered without relying on a natural hot-water reservoir. Instead of producing groundwater from a conventional geothermal field, the system uses a closed-loop pipe-in-pipe design that circulates the same fluid downhole, heats it in contact with hot rock, and returns it to the surface for district heating use.  That distinction is important for Denmark, where district heating is already a major part of the energy system ...

Geothermal Innovation, Superhot Systems, Social License, and the Future of Global Geothermal Energy

In this interview, Dr. Amel Barich, Founder & CEO of Geoscience Research and Communications (GRC) , shares insights into the future of geothermal energy, covering superhot geothermal systems, advanced drilling, international collaboration, social license to operate, developing-country opportunities, and the growing role of geothermal in integrated energy systems.  Image : Dr. Amel Barich Founder & CEO, Geoscience Research and Communications (GRC) Geoscientist | Geothermal R&D&I | Social License to Operate Q1. Could you briefly introduce yourself and describe your current role in advancing geothermal innovation? I am a geoscientist and geothermal professional with a background spanning geothermal research and innovation, international collaboration, policy and science diplomacy, stakeholder engagement, and strategic communication. Over the past decade, I have worked from Iceland across major European and international geothermal initiatives, leading collaborative R...