ASX-listed geothermal energy companies Petratherm (ASX:PTR) and Geodynamics (GDY) have received multimillion dollar funding injections from the Federal Government.
Geodynamics said it had been awarded $90 million in funding under the Renewable Energy Demonstration Program (REDP), to be paid out over the life of its Copper Basin demonstration power plant project.
The company said it was “delighted” with the support shown by the Government.
Petratherm, meanwhile, was awarded $62.8 million to support a demonstration power plant of its own at its Paralana project. The company said it and its joint venture partners will co-fund the project with the government on a 2:1 basis, with the companies contributing the majority.
Unlisted hydro power companies Victorian Wave Partners and Hydro Tasmania have been given a combined $81.7 million under the same program.