CeraPhi acquires Third Energy
Published by Jessica Casey,
Editor
Energy Global,
CeraPhi Energy has acquired the business of Third Energy Ltd, a former shale gas development company with plans to repurpose the existing wells into clean geothermal energy centres. The acquisition includes the subsidiaries, namely Third Energy Trading Ltd, Wolfland Renewables Ltd, Wolfland Utilities Ltd, Third Energy UK Gas Ltd, and the 50% holding in West Heslerton Renewables Ltd.
The assets located in North Yorkshire UK, include eight 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 fibre optic communications lines. CeraPhi is the UK’s leading closed-loop geothermal energy developer using its proprietary CeraPhiWellTM system and CeraPhiProTM modelling software, providing an end-to-end solution for closed-loop geothermal energy anywhere for everyone.
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 2 km, 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 EnergyTM 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.”
Third Energy Managing Director, Russell Hoare, added: “At Third Energy, we’ve been pursuing a transition strategy for several years now with geothermal energy at the centre of that strategy and in CeraPhi we have found a capable and accomplished partner, as proven by the successful geothermal demonstrator project at our KMA site this summer. Bringing together the expertise of CeraPhi with the assets of Third Energy is a natural progression and I look forward to working with Karl and his team to continue the story.”
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Energy Global's Winter 2023 issue
The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.
Read the article online at: https://www.energyglobal.com/other-renewables/12022024/ceraphi-acquires-third-energy/
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