Partnership Announced for “Projekt Thermo” – a 12MW Geothermal Project in Lower Saxony, Germany

Alfa8 Colab Limited (“alfa8”) and TerraThermo Limited (“TerraThermo”) are excited to announce the signing of an Investment Agreement. This agreement will see alfa8 investing in TerraThermo and the development of Projekt Thermo (the “Investment”).

Projekt Thermo involves the construction of a 12MW geothermal power plant in Lower Saxony, Germany, and will pave the way for large-scale deep geothermal power generation and energy storage projects across Europe.

The Investment includes:

  • Up to €1 million in working capital to advance Projekt Thermo to financial close.
  • Up to €32.5 million in future financing for Projekt Thermo, contingent upon specific conditions.

TerraThermo is currently in discussions with the European Investment Bank (EIB) regarding a potential parallel investment of up to €32.5 million for Projekt Thermo, in addition to alfa8’s funding.

TerraThermo will utilize the alfa8 working capital to conduct technical and financial due diligence on the project, aiming for financial close in Q4 2024/Q1 2025.

As previously announced by ZeroGeo Energy, the initial phase of Projekt Thermo is to develop a 12MW “Hot Dry Rock” geothermal power plant in Lower Saxony, Germany. This project marks the beginning of TerraThermo’s ambitious plans for deep geothermal power generation and energy storage projects across Europe.

John Ashbridge, CEO of TerraThermo, commented, “We are thrilled to welcome alfa8 as an investor in TerraThermo. Their focus on ‘first of a kind’ technology aligns perfectly with our vision and expectations for the geothermal energy industry’s future. We look forward to collaborating with alfa8 to bring Projekt Thermo to fruition.”

Erin Glen, COO of alfa8, stated, “TerraThermo is dedicated to delivering a pioneering deep hot dry rock geothermal project in Europe. We are excited to join forces with them to expedite the advancement of geothermal technology in Europe. At alfa8, our mission is to deploy catalytic capital into the energy transition and support promising first-of-a-kind technologies that can accelerate the path to net-zero.”

With this partnership, TerraThermo and alfa8 are set to make significant strides in the geothermal energy sector, advancing Europe’s energy transition and paving the way for a sustainable future.