The Deep Geothermal Energy Fund, administered by the Department of Energy and Climate Change, will be open to applications until 29 October. The fund will help companies carry out exploratory work needed to find viable sites for this technology.
Deep geothermal energy uses the natural heat found kilometres underground to produce renewable, non-intermittent electricity and heat at the surface. Many countries worldwide - including the US and Australia - are working to develop deep geothermal power’s potential. Energy from deep geothermal would strengthen and diversify the UK’s energy mix, and would not depend on imported fuels.
Chris Huhne, Secretary of State for Energy and Climate Change said:
“Deep geothermal energy is a real hot prospect as we dig deeper for new technologies that cut carbon emissions and provide home-grown power.
“Geothermal power from the South West alone could provide up to two per cent of the UK’s electricity needs. Offering this funding will give UK-based innovators a chance to get their projects off the ground and into our energy mix”.
Project bids will be assessed and managed by a panel established by the Department of Energy and Climate Change. The closing date for bids for the will be Friday 29 October 2010 with the successful bids announced shortly after that.
The above is a press release from the DECC, click here to find out more about the Deep Geothermal Fund.