Australia’s Panax Geothermal announced that it had failed to secure AUD 5 million (US$ 3.3 million) Climate Ready grant. After having applied for the grant on direct urging from federal government after denial of a Renewable Energy development Initiative grant, the grant was not approved.

The grants were supposed to assist with the drilling of the first production well of the company’s advanced Limestone Coast Project in South Australia. Panax will submit an application to the Geothermal Drilling Programme for a AUD 7 million grant before the end of this year.

Source: Company Statement