IGas and Cornish Lithium have agreed heads of terms to develop geothermal heating projects, and are considering sites to jointly develop a pilot scheme.
The companies say a technical and commercial evaluation of a number of potential project locations is underway, which should result in an initial project location being identified.
Cornish Lithium has secured extensive land and mineral rights agreements in the South West of England, and has developed 3D models of the sub-surface geology and mineral potential of the region utilising historic records combined with data from modern sources such as satellite imagery, geophysical data and drone mapping. It will work with IGas to develop projects in Cornwall that can supply renewable heat to end users and will also evaluate the potential to extract lithium from the geothermal waters.
IGas, which is working on a district heat project in Stoke on Trent and recently announced an expansion into solar farms with partner Iona Capital, will bring its experience of well design, drilling and operational management to the projects.
Stephen Bowler, IGas Chief Executive, commented: “This collaboration with Cornish Lithium is another important step in our drive to diversify and leverage our operational expertise. This complements the ongoing work on hydrogen production and carbon storage and further augments our geothermal business.”
Jeremy Wrathall, Founder and CEO of Cornish Lithium added: ” The combination of our understanding of Cornwall’s geology and IGas’s understanding of geothermal heat projects will be mutually beneficial to both companies. This represents a significant opportunity to accelerate the development of geothermal heat projects in Cornwall that can decarbonise local businesses.”