Kerogen Capital and Thrive Renewables Invest in Geothermal Engineering Ltd

March 8, 2023

Kerogen Capital (through its CelerateX platform) and Thrive Renewables plc provided £15 million of funding to Geothermal Engineering Limited (GEL) — £12 million from Kerogen and £3 million from Thrive — to advance the United Downs deep geothermal project in Cornwall and accelerate GEL's UK geothermal portfolio. The capital will fund completion of the United Downs plant (targeting electricity production by 2024) and support GEL's goal of delivering 25 MWe of baseload electricity and 100 MWth of heat across its portfolio by 2028.

Buyers
Kerogen Capital, Thrive Renewables plc
Targets
Geothermal Engineering Limited (GEL)
Industry
Renewable Energy
Location
Cornwall, United Kingdom
Transaction Type
Growth capital

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