National Grid backs £58m funding round for deep geothermal energy firm

By Global Infrastructure Sherpa · Apr 25, 2024

Investment Geothermal announced United Kingdom Apr 25, 2024

GBP15M

Deal Value

25 MW

Capacity

construction

Stage

United Downs Deep Geothermal Project

Project

National Grid Partners participated in a £58 million funding round for deep geothermal energy firm CeraPhi Energy.

Source Intelligence

KEY DETAILS

The United Downs project is expected to deliver 2MWe of baseload electricity and up to 10MWth of zero carbon heat. "The first plant will deliver 2MWe of baseload electricity and up to 10MWth of zero carbon heat to be used in a large housing development at Langarth , being developed by Cornwall Council ."

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Deal Size

Geothermal Engineering Limited (GEL) has obtained £15 million funding from Kerogen Capital (£12 million) and Thrive Renewables PLC (£3 million), subject to conditions.

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Capacity

In total, the investment will help to initiate 25 MWe of renewable electricity and 100 MWth of renewable heat across GEL’s portfolio by 2028.

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Location

This will advance both the flagship project at the United Downs site in Cornwall and its Geogen geothermal development portfolio.

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Announcement

Carlo Cariaga 8 Mar 2023

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COD

The new funding will be used to complete power production at the United Downs plant by 2024

PARTIES MENTIONED IN SOURCE

Geothermal Engineering Ltd. developer

"Geothermal Engineering Ltd. has secured financing from Kerogen Capital and Thrive Renewables to advance geothermal projects in the UK."

Kerogen Capital investor

"Geothermal Engineering Limited (GEL) has obtained £15 million funding from Kerogen Capital (£12 million) and Thrive Renewables PLC (£3 million), subject to conditions."

Thrive Renewables PLC investor

"Geothermal Engineering Limited (GEL) has obtained £15 million funding from Kerogen Capital (£12 million) and Thrive Renewables PLC (£3 million), subject to conditions."

high quality Enriched Feb 19, 2026