IGas Energy Plc (AIM:IGAS), an energy company and the parent of geothermal heat developer GT Energy UK Ltd, and Cornish Lithium struck a deal to explore commercially viable geothermal heat generation sites in Cornwall.
Cornish Lithium has created 3D models of the sub-surface geology and mineral potential of the area and has secured extensive land and mineral rights agreements in the South West of England.
A project to develop shallow geothermal projects in Cornwall will be developed to supply renewable heat to industrial customers.
The project will also investigate the possibility of extracting lithium from geothermal waters.
Stephen Bowler, IGas chief executive, said the collaboration “complements the ongoing work on hydrogen production and carbon storage and further augments our geothermal business."
Jeremy Wrathall, Founder and CEO of Cornish Lithium added: "This represents a significant opportunity to accelerate the development of geothermal heat projects in Cornwall that can decarbonise local businesses."