Silica extraction firm Geo40 receives funding for expansion plans
New Zealand-based Geo40 receives funding of up to NZ$15 million for further expansion of its production facilities extracting silica from water of geothermal operations.
A Provincial Growth Fund in New Zealand has provided funding of up to NZ$ 15 million (around USD 10 million) in a loan and convertible note to Geo40 Limited in Ohaaki.
We have been reporting on Geo40 before. The company developed technology that extracts silica from geothermal water produced at geothermal power plants and has been operating a first plant since October 2018.
The company exports its products for use in products, such as paint, concrete and paper making with a lot of international interest.
?With the funding, the company will be able to commission and build a new plant which is up to 7 times bigger and could help see expansion to other geothermal plants. The initiative will create a lot of local jobs.
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