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A geothermal heat and power project in the southwest of England has secured \u00a316.8 million ($21.23 million) in funding.<\/p>\n
In an announcement Monday, educational charity the Eden Project and EGS Energy Limited said the money would enable the first phase of the scheme, which includes the drilling of a 4.5 kilometer-deep well and a research program, to start.<\/p>\n
The well will be used to provide heat to parts of the Eden Project site, which is built in an old china clay pit in Cornwall and home to attractions including an indoor rainforest. Drilling will start next year.<\/p>\n
The Eden Project said it hoped the first well would \u201cpave the way\u201d for the project\u2019s second phase: the drilling of another well and creation of an electricity plant.<\/p>\n
Described by the U.S. Department of Energy as a \u201cvital, clean energy resource,\u201d geothermal energy refers to heat from under the Earth\u2019s surface which can be used to produce renewable energy.<\/p>\n
The DOE adds that geothermal energy \u201csupplies renewable power around the clock\u201d but emits \u201clittle or no greenhouse gases.\u201d In terms of geothermal energy sites the U.S. boasts the Geysers, which power producer Calpine describes as \u201cthe largest complex of geothermal power plants in the world.\u201d<\/p>\n
The cash for the Cornwall project comes from a range of sources. European Union funding, via the European Regional Development Fund (ERDF), amounts to \u00a39.9 million, while Cornwall Council has contributed \u00a31.4 million. The final \u00a35.5 million comes from institutional investors<\/a>. The U.K.\u2019s Ministry for Housing, Communities and Local Government administers the ERDF funding.<\/p>\n Cornwall is already home to a geothermal energy scheme in the shape of the United Downs Deep Geothermal Power project, which has seen two wells drilled near the town of Redruth. If testing there is successful, a power plant will be constructed to \u201cdemonstrate the technical and commercial viability\u201d of providing heat and electricity.<\/p>\n \u201cPerhaps the most obvious way that the Earth\u2019s materials can contribute to low-carbon energy is through provision of geothermal energy,\u201d M H Stephenson, the British Geological Survey\u2019s executive chief scientist, said in a statement sent to CNBC via email.<\/p>\n \u201cThe U.K. has often been considered to have a rather modest geothermal resource, being far away from volcanoes or the Earth\u2019s plate boundaries,\u201d Stephenson added.<\/p>\n \u201cHowever, research by the British Geological Survey has revealed that by developing more efficient methods of extracting heat, even a relatively tepid underground like that of the U.K. could yield significant heat.<\/p>\n The Best Global Digital Marketing<\/a><\/strong><\/p>\n The Helpful Trend It<\/a>\u00a0Service.<\/strong><\/p>\n How TOP Platform Solves A Need For Influencers<\/a>\u00a0Marketing.<\/strong><\/p>\n 3 Reasons To Get TOP For Press Release<\/a>\u00a0Distribution Help.<\/strong><\/p>\n 3 Services on Influencers<\/a>\u00a0Marketing Platform TOP That Let You Make Money.<\/strong><\/p>\n Want To Start Selling Your Photos Online<\/a>? Here Are the Steps to Follow.<\/strong><\/p>\n The Best Place For Online Ebooks<\/a>.<\/strong><\/p>\n Photographers<\/a>\u00a0Can Earn Through TOP Photos Gallery Selling.<\/strong><\/p>\n Looking For The Right Ebooks<\/a>\u00a0To Read With TOP.<\/strong><\/p>\n Why Online Reputation<\/a>\u00a0Repair Service From TOP Pays<\/strong><\/p>\n 4 Benefits To Doing Online Reviewer<\/a>\u00a0Work With TOP.<\/strong><\/p>\n 5 Reasons You Should Go With Top For Online Reputation<\/a>\u00a0Management At All Times<\/strong><\/p>\n How TOP Gives You Better Ad Placement<\/a>.<\/strong><\/p>\n Why Go With TOP For Any Translation<\/a>\u00a0Services.<\/strong><\/p>\n