Geodynamics secures continued grant funding through ARENA
Habanero EGS Pilot Plant of Geodynamics, Australia (source: Geodynamics)
Francisco Rojas
24 Sep 2014
Geodynamics Limited reports that it has agreed on the variation and continuation of funding under its grant with the Australian Renewable Energy Agency (ARENA).
According to a recent press release, Geodynamics was originally awarded a $90 million grant in November 2009 by the Department of Resources Energy and Tourism. To date Geodynamics has drawn down a total $32.4 million under this grant which has supported the continuing development of the Cooper Basin geothermal resources, particularly the drilling and stimulation of Habanero 4 and subsequent Habanero 1 MW Pilot Plant trial. Under the Variation agreed, ARENA will continue to contribute up to $27.15 million of grant funds in support of a revised program of future activities, with the total overall grant being reduced by $30.45 million to $59.55 million. ARENA grant funds will be paid in arrears upon completion of milestone activities.
With the successful completion of the Habanero 1 MW Pilot Plant Trial and the emergence of significant unconventional shale gas resources in the Nappamerrie Trough area presenting a potential need for large scale process heat and power in the Innamincka region, Geodynamics has reviewed its future development activities to align with the requirements of this future customer base.
To read the full press release, please follow the link below:
Source: Press release by Geodynamics
