Kerogen Capital invests £15 million in Geothermal Engineering Limited to establish the UK’s first deep geothermal plant, marking a significant step towards sustainable energy and economic growth.

Target Information

Geothermal Engineering Limited (GEL) stands out as the UK's foremost developer and operator of geothermal power plants. Established in 2008, GEL's objective is to harness deep geothermal energy for sustainable electricity and heat production across the United Kingdom. The company's flagship project, located at the United Downs site in Cornwall, seeks to deliver renewable energy solutions by 2024, aiming to produce 25 MWe of baseload electricity and 100 MWh of heat energy by 2028. This initiative is crucial in powering approximately 70,000 homes sustainably.

The recent investment of £15 million, comprising £12 million from Kerogen Capital and £3 million from Thrive Renewables PLC, aims to operationalize the United Downs geothermal plant and enhance GEL's broader geothermal development portfolio. The funding not only supports immediate advancements but also underscores the potential of geothermal energy in transforming the UK's energy landscape.

Industry Overview in the UK

The geothermal energy industry in the UK is poised for significant growth, fueled by the nation's pressing need for sustainable and reliable energy sources. Geothermal technology presents a low carbon and homegrown alternative that can provide continuo