Razor Energy Corp. of Calgary, Alberta, and its partners, the federal government, through Natural Resources Canada (NRCan) and Alberta Innovates, are pleased to announce the funding of a co-produced geothermal electricity project utilizing an active oil and gas operation in Alberta.
A $5 million contribution from NRCan’s Clean Growth Program, and a $2 million contribution from Alberta Innovates, demonstrates a commitment to cleaner energy creation. Under the terms of the contribution agreements, NRCan and Alberta Innovates will assist Razor’s development of a technically viable and commercially sustainable solution to recover geothermal waste heat.
The company expects the capital cost of the project to be $15 million to $20 million generating between 3 and 5 MW of electricity. The balance of the Project funding will be sourced internally and from new private investors within the renewable energy investment market.
