Geothermal Engineering Limited (GEL), the developer of what is described as the UK’s first deep geothermal plant, has secured £15 million in funding from Kerogen Capital and Thrive Renewables PLC.

The funding will be used to advance GEL’s flagship project at the United Downs site in Cornwall and its Geogen geothermal development portfolio.

More specifically, the funding will enable GEL to complete power production at the United Downs plant by 2024 and develop new geothermal sites in Cornwall that have recently received planning permission.

The company said the investment will ultimately support the production of 25MWe of renewable electricity and 100MWth of renewable heat across GEL’s portfolio by 2028.

Ryan Law, Managing Director of GEL, stated that “geothermal resources have the potential to produce carbon-free electricity and heat 24/7,” adding that “we are excited to work with both local and national government to maximise this opportunity and make the UK a world leader in geothermal energy.”

Energy Minister Graham Stuart praised the potential of geothermal energy, saying that it “holds enormous untapped potential as a renewable energy source, with the ability to generate around-the-clock power and heat for UK households.”