The UK’s first end to end Advanced Closed Loop Geothermal business – CeraPhi Energy located in Great Yarmouth – has this month announced it has launched a funding round as the business prepares for exponential growth.
The funding round for the Geothermal Energy business has seen the company launch on JUSTLY as it looks to raise capital of $15million through its US platform with plans to expand its operations overseas.
Speaking about it, Founder and CEO, Karl Farrow said: ‘JUSTLY is one of the world’s largest equity marketplaces for clean tech businesses looking to raise funds for groundbreaking innovation and technology.
‘An equity raise, using this platform, builds on the foundations we’ve already established, enables us to support the rapid growth we’re experiencing and means we can meet the huge demand for this clean energy solution. Geothermal – as a viable energy solution – is attracting significant interest across the globe. This equity raise will enable us to, not only, scale to meet this worldwide demand, but also to demonstrate that Geothermal is a real and serious player in the baseload clean energy mix.’
Formed in June 2020, CeraPhi Energy is the first company in the UK to offer a complete end to end geothermal energy solution around its closed loop technology, from securing finance to full development and build or equity return and – in May – announced it had been awarded a ‘first of its kind’ funded study by the UK Net Zero Technology Centre that will evaluate whether oil and gas wells in the North Sea can be repurposed for geothermal energy.
The business has enlisted Petrofac as its industry partner in the study which will focus on decarbonisation of the EnQuest Magnus Platform in the UK North Sea.
Speaking about the funding round CEO of JUSTLY Paul Karrlsson – Willis, ‘JUSTLY is all about making an IMPACT now and CeraPhi is doing just that. We are excited to have CeraPhi on our funding platform as they bring CleanTech to life in two incredible ways — firstly, it taps into a geothermal energy source which is always active and, secondly, it can retrofit existing failed or depleted wells, making them productive again in an environmentally friendly way. This also has a social IMPACT by maintaining jobs or bringing them back to geographical areas that need them. JUSTLY is humbled and excited to be supporting CeraPhi with their current $15m capital raise.’
Investors interested in the CeraPhi Energy business are invited to visit the JUSTLY site for more information https://investjustly.com/all-investments/
Geothermal is a form of renewable energy taken from heat derived from the earth’s subsurface and which is contained within rocks and fluids. It is one of the cleanest forms of energy and can be used both as a direct power source as well as for heating and cooling utilities.
