Direct heat produced will be used for agriculture, residential heat and cooling, and the development of hybrid energy systems, playing a vital part in the UK’s decarbonisation plans. The two companies have agreed a Heads of Terms (HoT) to capitalise on CeraPhi’s patented technology, CeraPhiWell, a closed loop downhole heat exchanger, with IGas’s deep local knowledge, surface infrastructure and existing wells.
“The repurposing of oil and gas wells to access subsurface thermal heat to produce baseload clean energy has to become a primary step to developing a wider appreciation of what deep geothermal can provide” said CeraPhi Energy CEO Karl Farrow, based in Great Yarmouth. Mr Farrow believes geothermal is a gamechanger in the drive to net zero, filling the gap between wind and solar, producing reliable energy whatever the weather. “This agreement with IGas is yet another demonstration of the energy transition using the existing skills and expertise that we have in the UK to support a net zero targets. As local authorities and other large-scale users of heat transition away from fossil fuels we are receiving an increasing number of enquiries looking to geothermal as a solution and through this growing pipeline of development opportunities, IGas is well positioned to deliver a solution to the long-term decarbonisation for heat in the UK.”
IGas Chief Executive Stephen Bowler added that as local authorities and other large-scale users of heat transition away from fossil fuels the company is receiving an increasing number of enquiries looking to geothermal as a solution and through this growing pipeline of development opportunities, IGas is well-positioned to deliver a solution to the long-term decarbonisation for heat in the UK.
This pathfinder project will be used to demonstrate the commercial potential for geothermal energy production from repurposing existing oil and gas assets for direct heat for agriculture, residential heating/cooling and the development of hybrid energy systems generating both heat and power.
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