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Market: ASX
Sector: Cleantech and Renewable Energy
EPIC: GER
Latest Price: A$0.05  (-10.00% Descending)
52-week High: A$0.15
52-week Low: A$0.05
Market Cap: A$5.06M
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Greenearth Energy
www.greenearthenergy.com.au

Greenearth Energy (ASX: GER) is a diversified Australian renewable energy company that has interests in conventional geothermal resources in Australia, Indonesia and the wider Pacific Rim as well as technology opportunities and project applications in the waste heat recovery, energy efficiency, combined heat and power solar and CO2 to fuel conversion markets.

Greenearth Energy's projects and technologies are designed to deliver energy security outcomes in a carbon constrained world.

The company listed on the Australian Securities Exchange (ASX) on the 4 February 2008.

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Greenearth Energy finalises $7 million Geothermal Drilling grant

13th Sep 2010, 10:53 am


Greenearth Energy (ASX:GER) has reported the finalisation of negotiations with the Australian Government for its $7 million Geothermal Drilling Program (GDP) grant.

In late 2009, the Minister for Resources and Energy Martin Ferguson revealed five geothermal energy projects would receive Australian Government funding of $35 million, from round two of the $50 million Geothermal Drilling Program.

The GDP supports Proof-of-Concept projects to help establish Australia as a world leader in geothermal technology development.

The $7 million GDP funding agreement allows Greenearth Energy an initial drawdown of funds in support of the company's hot sedimentary aquifer (HSA) geothermal energy project located in the Wensleydale - Gherang area northwest of Anglesea, Victoria.

Greenearth Energy is also negotiating contracts with the Victorian State Government further to being awarded $25 million in late 2009 under the Energy Technology Innovation Strategy (ETIS) program for large scale, pre-commercial, sustainable energy demonstration projects for its Geelong Geothermal Power Project.

The Victorian Government awarded the Geelong Geothermal Power Project $5 million for the Stage 1 Proof of Resource and, upon successful completion of Stage 1, a further $20 million for the Stage 2, 12MWe geothermal energy demonstration plant.

Mark Miller, managing director for Greenearth, said, "Greenearth Energy is very pleased to have completed this process in regards to our flagship project."

"The Geelong Geothermal Power Project Stage 1 Proof of Concept is in a unique position, being supported by both State and Commonwealth funding totalling $12 million".

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