CeraPhi Energy (CeraPhi) attracts strategic partnership and investment from Ignis H2 Energy Inc. (Ignis) and its sister company Geolog International BV (GEOLOG) in support of the company’s innovative technology development for repurposing end of life Oil and Gas wells extracting thermal energy for commercial use in UK heat networks.
This partnership and strategic investment comes on the back of growing investor confidence in the company’s proprietary CeraPhiWell™ technology and execution strategy within the UK’s heat network sector. The investment supports the company’s commercialisation plans along with its recent award of significant matched funding from the Net Zero Technology Centre to deploy its CeraPhiTru™ thermal Response Unit on its first site early 2023.
The CeraPhiTru unit is part of the CeraPhi suite of technology offerings and is designed to model and prove thermal resources already in place. This is similar to the process employed in the Oil and Gas industry and will model and evaluate the thermal energy in place from deep end of life oil and gas wells, which then provides a quantifiable resource energy value along with unlocking its carbon reduction value.
CeraPhi CEO, Karl Farrow said: “Affordable energy, along with the decarbonisation of heat, is one of the greatest challenges we will ever face in the UK. Our dependence on fossil fuels – and the intermittent nature of renewables – cannot provide us with the resilience required within our energy mix.
With geothermal, we have a natural heat resource literally everywhere under our feet, and by using existing end of life oil and gas wells to provide a commercial validation of energy – and proving this resource using the existing expertise within the Oil and Gas sector – we plan to fast track access to direct use of heat at a commercial scale making it commercially available for everyone and an integral part of the energy mix.”
Richard Calleri, CEO of Ignis and GEOLOG, stated that “This memorandum of understanding, highlighting our mutual interests, is another strategic steppingstone in building Ignis’ geothermal footprint and broadening its spectrum of application into the lower enthalpy environment. With CeraPhi’s focus on repurposing existing oil and gas wells in the European markets, Ignis can bring additional innovative technologies to advance this effort.”