CALGARY, ALBERTA--(Marketwire - Feb. 15, 2013) - Efforts to tap precisely into Canada's geothermal energy reserves took a step forward today with the announcement of a $2.4 million investment in Calgary-based Borealis GeoPower's optimal geothermal exploration project by Sustainable Development Technology Canada (SDTC).
"Our Government is doing its part to encourage innovation and the next wave of clean technologies to help protect our environment and create high-quality jobs," said the Honourable Joe Oliver, Canada's Minister of Natural Resources. "Investment in projects such as these demonstrates our leadership in driving a vibrant clean technology industry in Canada."
"Borealis GeoPower is very pleased to receive this investment from Sustainable Development Technology Canada and the Government of Canada, it will make a huge difference in our ability to take this geothermal technology to a broader market," said Tim Thompson, Chief Executive Officer of Borealis GeoPower.
Borealis GeoPower's optimized geothermal exploration methodology is a carefully ordered set of processes and technologies that builds up an increasingly accurate picture of a geothermal resource, allowing the drilling of production wells precisely where they have the highest probability of hitting commercially-viable amounts of hot water.
"Geothermal (or earth heat) energy is a clean, renewable source of both power and heat. It is proven technology that provides baseload (24 hours a day, 365 days a year) power, has low to no emissions and one of the smallest environmental footprints of any power supply. Geothermal can be a practical energy solution for an entire generation of Canadians and our clean technology can help precisely tap into this clean resource," added Thompson.
"SDTC is proud to add this project to its portfolio, now valued at more than $2 billion. When purchased and used by Canadian industry, the clean technologies developed by portfolio companies will enable a variety of sectors to increase their share of global markets," said Dr. Vicky Sharpe, President and CEO of SDTC. "As Canada works to diversify its export markets, working with new trading partners in emerging countries, these innovative technologies will help make Canadian natural resources and products more globally attractive and competitive."
The Canadian Geothermal Association estimates that there is 5 GW worth of readily-accessible high-temperature geothermal resources in Canada, mostly in British Columbia. A significant barrier to exploiting geothermal energy is financing exploration: the current approach fails to provide a feasible return on investment. By 2020, Borealis GeoPower estimates that this technology should enable 310 MW of cumulative generation capacity. The power generated is low cost, stable, reliable and dispatchable, meaning it could go far to satisfy Canada's energy needs.
About Borealis GeoPower
Borealis GeoPower Inc. is a private Canadian corporation focused on developing high temperature geothermal energy projects. Established in 2007, it is currently working on geothermal projects in Alberta, British Columbia, the Northwest Territories, Saskatchewan and the Yukon Territory.
On behalf of the Government of Canada, Sustainable Development Technology Canada helps commercialize Canadian clean technologies, readying them for growth and export markets. With a portfolio of companies under management valued at more than $2 billion, SDTC is positioning cleantech as a driver of jobs, productivity and economic prosperity.
SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $590 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.
SDTC works with the private sector, the financial sector and all levels of government to meet the Government of Canada's commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates as a not-for-profit corporation.