In a release, the Government of Canada announced that a $5-million investment will be made in Novus Earth to execute a front-end engineering design (FEED) study for the Latitude 53 geothermal energy project in the community of Hinton, Alberta.
Funding provided for the Latitude 53 Project will assist Novus Earth in its continued exploration of the geothermal resource and will provide critical resources to advance the project. Specifically, the funds will assist in de-risking the project through technical feasibility and FEED studies, as well as through supporting community engagement and skilled training initiatives essential to the success of the project.
Federal funding for this project is provided by Natural Resources Canada’s Smart Renewables and Electrification Pathways (SREPs) program, a four-year, $964-million program that provides support for smart renewable energy and electrical grid modernization projects. This program will significantly reduce greenhouse gas emissions by enabling increased renewable energy capacity that will provide essential grid services while supporting Canada’s ongoing transition to a net-zero economy by 2050 as well as Canada’s commitment to achieving a 100-percent net-zero-emitting electricity system by 2035.
Novus Earth and Mitacs National Research Organization are also contributing to the project, bringing the total investment to nearly $6.6 million.
The Government of Canada is making strategic investments and innovative partnership as part of the commitment to advance the deployment of smart renewable energy and support the clean energy transition. Geothermal energy is one such type of clean, renewable energy that will help Canada achieve their ambitious climate targets.
Source: Government of Canada