Australia:

Petratherm Shelves Paralana Geothermal Project (InterAksyon)

Geothermal company Petratherm has shelved a "hot rocks" energy project in the far north of South Australia because of a funds shortfall.

The Paralana project had secured $24.5 million as a Renewable Energy Development Program grant but could not raise another $5 million needed.

It has told the Australian Securities Exchange no further time extension will be given and a $13 million Emerging Renewables Program (ERP) grant will be cancelled.

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