The acquisition includes the subsidiaries, namely Third Energy Trading Limited, Wolfland Renewables Limited, Wolfland Utilities Limited, Third Energy UK Gas Limited, 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-inch and 16.6 km of 3-inch subterranean pipelines and a further 22.4 km of buried fibre optic comms lines.
CeraPhi completed a commercial demonstration of its CeraPhiWell™ system earlier in the summer using the Third Energy KMA site. CeraPhi’s strategy is to de-risk the scaling and commercialisation of large-scale heat networks using boreholes down to a depth of 2km, reducing the space required for deployment of large-scale systems and increasing the extraction of thermal energy available for network connections. By both drilling new wells and repurposing end-of-life and non-producing oil and gas wells, the CeraPhi solution will provide “huge commercial potential” for the scaling of geothermal heat networks in the UK and globally.
CeraPhi Energy CEO Karl Farrow said:
“The decarbonisation of heat represents a huge UK and global challenge in meeting our net zero targets. 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.
By using the inexhaustible resource beneath our feet using closed-loop technology we can access this energy anywhere with zero environmental risk, requiring no hydraulic fracturing, no use of water and providing enough energy within the next 15 years to solve our energy crisis indefinitely.”
