In a release, “ViaLogy (VIY.L) said it signed a contract with the North American unit of Enel Green Power to identify geothermal drilling locations in Nevada, sending its shares up 10 percent. The contract with Enel Green Power, a unit of Italy’s biggest utility Enel SpA (ENEI.MI), opens up the renewable energy development market for ViaLogy, which so far has been providing its sensor technology to oil explorers.

Geothermal projects, which help generate energy by harnessing the earth’s inner heat, offer steady and clean power but are marred by multimillion-dollar drilling costs.

The company said it hopes that its QuantumRD technology would help in reducing drilling risks and exploration costs for renewable energy projects.”

Source: Company release via Reuters