Borealis GeoPower secures $2.4m funding for project on exploration technique

Borealis GeoPower secures $2.4m funding for project on exploration technique Snapshot of Borealis GeoPower website
Alexander Richter 16 Feb 2013

Canadian geothermal company Borealis GeoPower has secured funding of $2.4 million from Sustainable Development Technology Canada (SDTC) for work on an optimal geothermal exploration project.

Efforts to tap precisely into Canada’s geothermal energy reserves took a step forward today with the announcement of a $2.4 million investment in Calgary-based Borealis GeoPower’s optimal geothermal exploration project by Sustainable Development Technology Canada (SDTC).

“Our Government is doing its part to encourage innovation and the next wave of clean technologies to help protect our environment and create high-quality jobs,” said the Honourable Joe Oliver, Canada’s Minister of Natural Resources. “Investment in projects such as these demonstrates our leadership in driving a vibrant clean technology industry in Canada.”

“Borealis GeoPower is very pleased to receive this investment from Sustainable Development Technology Canada and the Government of Canada, it will make a huge difference in our ability to take this geothermal technology to a broader market,” said Tim Thompson, Chief Executive Officer of Borealis GeoPower.

Borealis GeoPower’s optimized geothermal exploration methodology is a carefully ordered set of processes and technologies that builds up an increasingly accurate picture of a geothermal resource, allowing the drilling of production wells precisely where they have the highest probability of hitting commercially-viable amounts of hot water.

“Geothermal can be a practical energy solution for an entire generation of Canadians and our clean technology can help precisely tap into this clean resource,” added Thompson.

“SDTC is proud to add this project to its portfolio, now valued at more than $2 billion. When purchased and used by Canadian industry, the clean technologies developed by portfolio companies will enable a variety of sectors to increase their share of global markets,” said Dr. Vicky Sharpe, President and CEO of SDTC. “As Canada works to diversify its export markets, working with new trading partners in emerging countries, these innovative technologies will help make Canadian natural resources and products more globally attractive and competitive.”

The Canadian Geothermal Association estimates that there is 5 GW worth of readily-accessible high-temperature geothermal resources in Canada, mostly in British Columbia. A significant barrier to exploiting geothermal energy is financing exploration: the current approach fails to provide a feasible return on investment. By 2020, Borealis GeoPower estimates that this technology should enable 310 MW of cumulative generation capacity. The power generated is low cost, stable, reliable and dispatchable, meaning it could go far to satisfy Canada’s energy needs.”

Source: Company release