Greenearth Energy substantial shareholder increases stake in company

Anglesea Beach at Geelong, Victoria/ Australia (source: flickr/ Kate's Photo Diary, creative commons)
Alexander Richter 14 Feb 2012

Erdi Fuels, a substantial shareholder in Australian geothermal development company Greenearth Energy, has increased its share in the company by 5.69% and now holds an interest of 14.69% in the company.

Reported this morning, a substantial shareholder in Australian Greenearth Energy (ASX: GER) has increased its stake in the company by 5.69%.

“Erdi Fuels took up 8.4 million shares between November 2011 and February 2012, increasing its total holding to 16.5 million shares. This equates to a 14.69% interest in Greenearth. Erdi Fuels took up its initial 9% holding in Greenearth in mid-2011.

In November 2011, Greenearth secured a $25 million funding agreement with the Victorian Government to progress its flagship conventional geothermal project.

The funding will assist with two stages of the Geelong Geothermal Power Project development, with the first $5 million going towards drilling an initial well into the hot sedimentary geothermal aquifer.

This well will be drilled to a depth of about 4,000 metres in an attempt to bring hot water to the surface.

Greenearth is looking to the Australian Government for further financial support for the project.”

Source: Proactive Investors