News

Greenearth Energy closer to receiving US$6.3m government grant

Geelong's Cunningham Pier (source: flickr/ Gerard's World, creative commons)
Alexander Richter 18 Jun 2010

Australian Greenearth Energy is a step closer receiving a US$6.3million funding grant for its Geelong Geothermal Power Project in Victoria/ Australia.

“Australian Greenearth Energy (ASX:GER) is edging closer to receipt of theAU$7 million (US$6.3m) funding grant from the Australian Centre for Renewable Energy (ACRE) within the Department of Resources, Energy and Tourism (DRET) for the company’s flagship Victorian geothermal energy project, the Geelong Geothermal Power Project.”, so a recent release by the company.

“The company has been advised by ACRE that it has until 17 July, 2010 to execute the AU$7M (US$6.3m) GDP funding agreement allowing an initial drawdown of funds in support of the company’s flagship hot sedimentary aquifer (HSA) geothermal energy project located in the Wensleydale – Gherang area northwest of Anglesea, Victoria.

GER has revealed it is negotiating contracts with the Victorian State Government further to its award of $25 million in late 2009 under the Energy Technology Innovation Strategy (ETIS) program for large scale, pre-commercial, sustainable energy demonstration projects for its Geelong Geothermal Power Project.

The Victorian Government awarded the Geelong Geothermal Power Project AU$5 million (US$4.5m) for the Stage 1 Proof of Resource and, upon successful completion of Stage 1, a further AU$20 million (US$17.9m)  for the Stage 2, 12MWe geothermal energy demonstration plant.

Greenearth Energy’s Geelong Geothermal Power Project Stage 1 Proof of Concept is in a unique position, supported by both State and Commonwealth funding totalling AU$12 million (US$10.7m).”

Source: Company release via ProactiveInvestors