Reported in Australia, the country’s geothermal leader “Geodynamics is committing AU$5 million (US$ 3.5 million) to boost the development of Australian geothermal technology.

The support, so the announcement “is crucial to the new Geothermal Technology Plan (GTP), which will provide funding for selected programs fostering developments within the energy sector. Payments will be made in instalments over a five-year period to various Australian and international institutions.

Geodynamics is currently in talks with a number of organisations to frame the detailed plans for energy-related projects. While the proposed developments will provide direct benefit to the Cooper Basin Project, it will also affect the geothermal industry across Australia.

Geodynamics Managing Director, Gerry Grove-White, says it is important that the company starts to strengthen its longer-term technology relationships. He also says the company is acutely aware of the need to obtain the maximum value for shareholders from any funds committed.

Geothermal energy relies on existing technologies and engineering processes such as drilling and hydraulic fracturing, to transfer heat into electricity. It is an environmentally clean energy, which does not produce greenhouse gasses.

More information on how the donation will affect Queensland will be revealed as interested parties and further funding are confirmed.”

Source: Queensland Business Review