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Geothermal energy receives increased financial support

UK Geothermal Energy pioneers CeraPhi Energy and Climate Change Ventures (CCV) have formed a partnership to bring terrestrial, thermally derived green energy to the market. CCV will provide significant investment in CeraPhi’s portfolio of projects.

CeraPhi has been at the forefront of utilizing advanced “closed loop” geothermal technologies, which can repurpose redundant Oil and Gas wells in a cost-effective and highly efficient manner. With a range of acquisitions, they are now poised to capitalize on various opportunities, offering shortened development timelines and 24/7 supplies of heat and energy at attractive production costs. CCV will facilitate project finance through a “Green Bond” mechanism to support CeraPhi in realizing their vision of harnessing the earth’s underground heat.

The agreement between the two parties was signed by Karl Farrow, CEO of CeraPhi, and Horacio Carvalho, CEO of CCV.

Karl Farrow expressed his excitement about the partnership, stating, “CeraPhi has spent the last 12 months developing a portfolio of projects focused on repurposing end-of-life Oil and Gas wells. Working alongside CCV, we have also developed a viable financial model to accelerate our project development as a leader in the geothermal energy sector. The funding provided by CCV will enable us to deliver multiple commercial-scale geothermal energy projects, solidifying our position as a leader in this field. We are committed to driving carbon reduction and helping governments achieve their Net Zero targets.”

Horacio Carvalho also expressed his enthusiasm for the collaboration, saying, “We have been closely following CeraPhi’s innovative approach to green heat and power production, and we have come to recognize their significant potential in reducing greenhouse gas emissions and creating a safer planet. We are thrilled to partner with them in funding our shared ambition of bringing their contribution to solving the climate crisis to the market. Exciting times are ahead.”

Source: CeraPhi Energy

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