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

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.

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Counterparts (5)

Investor

Kerogen Capital

company

Kerogen Capital is a private equity firm specializing in the energy sector. The firm focuses on investments in upstream oil and gas, midstream, and oilfield services companies.

national grid

company · 1 deals

National Grid, acting as an offtaker, is involved in one verified solar energy deal. This deal is a 26.3 MW solar project in Taiwan. Further deal tracking is needed to establish broader activity patterns.

IGas Energy

company

IGas Energy is an oil and gas exploration and production company focused on onshore resources in the UK. They are involved in exploring for and producing hydrocarbons, and are also exploring opportunities in geothermal energy.

Third Energy

company

Third Energy is an oil and gas company focused on exploration and production. They are based in Denver, Colorado.

company

CeraPhi Energy

company

CeraPhi Energy is focused on repurposing oil and gas wells for geothermal energy production and energy storage. They aim to provide sustainable and reliable energy solutions by utilizing existing infrastructure.

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.

“

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

Timeline

Announced

Apr 25, 2024

Signed

Closed

Get the full picture — timeline, source intelligence, and counterpart analysis.

Source

www.thinkgeoenergy.com

View Full Deal Details

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

Counterparts (5)

Source Intelligence

Timeline

Source

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