United Kingdom:

Can Crowdfunding Power the UK's Deep Geothermal Industry? (Business Green)

Ryan Law, Managing Director,
 Geothermal Engineering

The renewable energy investment climate may well be tough out there, but few industries can claim to have had as bad a time as the geothermal sector, which despite huge potential has struggled to warm up.

Ryan Law, managing director of Geothermal Engineering said his own company has been forced to make a seismic shift in its business plan since it first launched in 2008. The 55MW United Downs project in Cornwall was shelved after the government cut subsidy support for the sector and then directly pulled a multi-million pound grant last year.

Now, in a change of tack, it is focusing on much smaller wells and is hoping to install a series of around 10 small projects that could pump renewable heat to swimming pools or apartment blocks. With each project costing around £1.5m, compared to the £50m required for United Downs, Geothermal Engineering is hoping to pay for the investment using crowdfunding.

With crowdfunding becoming an increasingly popular way for developers to finance their projects and secure local support, Law is optimistic that its approach will pay off.

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