United Kingdom:

Geoscart Secures Millions for Sainsbury’s Geothermal Rollout (Business Green)

(Courtesy Geoscart)

A UK-based geothermal energy company has secured £15m to roll out its technology at 15 Sainsbury’s stores this year, with further financing lined up to expand the business over the coming years.

Geoscart, formerly known as Greenfield Energy, yesterday confirmed it had agreed a long-term financing deal with Macquarie Lending to deploy its systems, which integrate geothermal energy generation, heat pumps, and solar thermal panels, at commercial premises across the country.

The company said it had secured £15m for the initial phase of the rollout, which will see it install boreholes and ground source heating systems across 15 Sainsbury’s stores. It added that it had also lined up "significant funds" to support further expansion in phase two of its planned rollout.

Sainsbury's has already installed 14 geothermal and heat pump systems at its stores, but is planning to roll out the technology across 100 stores over the next three to four years, allowing it to benefit from lower energy bills and payments through the government-backed Renewable Heat Incentive.

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