Update on Projekt THERMO

ZeroGeo Energy GmbH, the operator and developer of geothermal power and geothermal storage projects in Europe, is pleased to provide an update on Projekt THERMO, its project to bring industrial scale geothermal electricity generation to Lower Saxony, Germany.

Background

On 3 October 2022, the Company announced the commencement of a 5’000 km² Air-FTG® survey in Lower Saxony, in conjunction with OMV (the “FTG Survey”).

The FTG Survey was completed in early 2023, with the Company having received the processed data from Bell Geospace Ltd.

Update

The Company is presently integrating the FTG Survey data into its own subsurface model and is pleased to announce the commencement of a marketing campaign with respect to any parties who may wish:

(i) to purchase the FTG Survey data; and/or
(ii) participate in Projekt THERMO.

The Company notes that Projekt THERMO is now owned 100% by ZeroGeo, with the joint venture with OMV having concluded upon the completion of the FTG Survey.

John Ashbridge, CEO of ZeroGeo, commented:

“We are very pleased to have successfully completed the FTG Survey and are confident that the excellent quality of the data that was acquired will be extremely valuable to both ZeroGeo and any other parties who have a need for high quality FTG data to assist with their operations. We are excited to heading into the next phase of our project to provide low-carbon baseload electricity to Niedersachsen and expect to provide an update on Projekt THERMO in the near future. We would like to thank OMV for their support during the FTG Survey stage of the project.”