Eden Geothermal Ltd has welcomed the UK Government’s support shown for clean energy as part of the UK’s National Infrastructure Strategy.
EGL is working with the Government and UK private investment to unlock the clean, geothermal energy deep in the granite beneath Cornwall.
Site construction works are now well underway, in preparation for drilling to commence in early Spring 2021, and a 450mt rig has been secured.
To drill its first well, EGL secured £16.8 funding million from a combination of ERDF, Cornwall Council and institutional funding from GCP Infrastructure Investments Limited, a company advised by Gravis Capital Management Ltd. This has increased to £17.3m of funding, in line with recent cost increases due to Covid – 19.
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