Australia:

Geodynamics gets $22m Tax Refund for Geothermal Research (Adelaide Now)

(Courtesy Geodynamics)

Hot rocks explorer Geodynamics has received a $22 million tax refund related to geothermal research conducted at its Cooper Basin project.

The Federal Governments R&D Tax Incentive Scheme allows companies with a turnover of less than $20 million to claim a cash refund of 45 cents per dollar spent on eligible research and development in Australia.

Geodynamics' claim relates to costs related to its Cooper Basin Enhanced Geothermal Systems (EGS) Project near Innamincka in the state's north for the 2011/2012 financial year.

It started commissioning its long-delayed geothermal energy pilot plant near Innamincka in the state's north earlier this week.

The 1 MWe Habanero pilot plant, which will be used to power the company's onsite facilities.