In the News
09.02.11Geothermal Engineering Ltd bids for share of £1.4 billion Regional Growth Fund
Geothermal Engineering Ltd, has bid for a share of the £1.4 billion Regional Growth Fund.
Currently Cornwall is classed as a Tier 1 assisted area, meaning its GDP per head is less than 75% of the EU average. The development of Cornwall’s abundant deep geothermal resource would contribute towards a new, sustainable private sector industry. The project planned by Geothermal Engineering Ltd will also kick off the development of the UK’s deep geothermal industry as a whole. This will mean job creation, not only in the geothermal sector but in related sectors such as engineering, manufacturing and construction. According to the Geothermal Energy Association of the United States, for every 1GW of capacity added, the new facilities will support 6,400 manufacturing and construction jobs and 740 operation and management jobs per year.
Ryan Law said: “The deep geothermal sector represents an enormous opportunity for the economy and as an industry could provide up to 30,000 jobs in the UK. The South West (in particular Devon and Cornwall) has a good deep geothermal resource and we hope the government will recognise that with a relatively minor investment, Geothermal Engineering Ltd will be able to leverage the private capital required to transform the region by creating new jobs, boosting local industry and attracting private investment across the UK. Germany, for example, now exports its deep geothermal rigs for over €25million each.”
The project will also boost academic research as Exeter University is developing an Environment and Sustainability Institute on their Cornwall campus.