The Great Yarmouth-based end-to-end advanced closed-loop geothermal business, CeraPhi Energy, has announced the launch of a £12.41 million funding round as it prepares for growth.
The firm took to JUSTLY as it looks to raise capital through its US platform with plans to expand its operations overseas.
The company was founded in June 2020 as the first company in the UK to offer a complete end-to-end geothermal energy solution.
End-to-end, closed-loop technology is designed to fit into old wells to extract heat from deep underground by a downhole heat exchanger.
It is undertaking a study funded by UK Net Zero Technology Centre in partnership with Petrofac to evaluate whether oil and gas wells in the North Sea can be repurposed for geothermal energy.
The study will focus on the decarbonisation of the EnQuest Magnus Platform in the UK North Sea.
Depending on the results, heat could be used as direct power and/ or heating or cooling utilities and other services, reducing the overall carbon emissions of the facility.
© Supplied by CeraPhi EnergyCeraPhi founder and chief executive Karl Farrow said: “JUSTLY is one of the world’s largest equity marketplaces for clean tech businesses looking to raise funds for groundbreaking innovation and technology.
“An equity raise, using this platform, builds on the foundations we’ve already established, enables us to support the rapid growth we’re experiencing and means we can meet the huge demand for this clean energy solution. Geothermal – as a viable energy solution – is attracting significant interest across the globe.
“This equity raise will enable us to, not only, scale to meet this worldwide demand, but also to demonstrate that Geothermal is a real and serious player in the baseload clean energy mix.”
Chief executive of JUSTLY Paul Karrlsson – Willis added: “JUSTLY is all about making an IMPACT now and CeraPhi is doing just that.
“We are excited to have CeraPhi on our funding platform as they bring CleanTech to life in two incredible ways — firstly, it taps into a geothermal energy source which is always active and, secondly, it can retrofit existing failed or depleted wells, making them productive again in an environmentally friendly way.
“This also has a social IMPACT by maintaining jobs or bringing them back to geographical areas that need them.
“JUSTLY is humbled and excited to be supporting CeraPhi with their current $15m capital raise.”
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