CeraPhi Energy has acquired the business of Third Energy Limited, a former shale gas development company with plans to repurpose the existing wells into geothermal energy centers. The acquisition includes the subsidiaries, namely Third Energy Trading Limited, Wolfland Renewables, Wolfland Utilities, Third Energy UK Gas and the 50% holding in West Heslerton Renewables Limited.
The assets located in North Yorkshire UK, include 8 well sites consisting of 12 former gas wells in a suspended state, 22.4 km of 6-in and 16.6 km of 3-in subterranean pipelines and a further 22.4 km of buried fiber optic comms lines. CeraPhi is a UK closed-loop geothermal energy developer using its proprietary CeraPhiWell system and CeraPhiPro modeling software to provide end-to-end solutions for closed-loop geothermal.
“The decarbonization of heat represents a huge UK and global challenge in meeting our net zero targets,” stated Karl Farrow, CEO, CeraPhi Energy. “Combined with the continued insecurity customers face with volatility and seasonal cost of fossil fuels, we have to move geothermal energy to scale to reduce the cost of deploying direct use heat, which is an endless resource not subject to price fluctuation, enabling a move away from our dependency on fossil fuels within our day-to-day energy mix.”