Australian Geothermal energy company Greenearth Energy (ASX:GER) is now in a position to further the work required to commence the Geelong Geothermal Power Project Stage 1 Proof-of-Concept in the second half of 2010.
The news comes after the company was awarded Victorian State Government and Australian Government funding for the company's Power Project.
Greenearth Energy's Geothermal Power Project, located approximately 9km North-west of the brown coal fired power station at Anglesea, is in a unique position, being supported by both State and Federal funding totalling $12 million.
Greenearth Energy Chairman Simon Molesworth said the company had critical endorsement of the project and the means to continue work on establishing the Stage 1 Proof-of-Concept's project site, as a direct result of Victorian and Australian Government support for the flagship geothermal project.
“Victoria’s electricity generation produces vast quantities of greenhouse gases," Mr Molesworth said.
"Our project is designed to produce clean, safe, emissions-free, base-load renewable energy from a site requiring the smallest of surface “footprint” disturbance when compared to other traditional power plants.
Our Geelong Geothermal Power Project is in its infancy, and we have much work to do. This will require Capital raising, extensive stakeholder consultation, environmental consenting, various surveys, studies and tenders necessary to allow us to commence our first project stage during the second half of 2010."
Mr Molesworth said Greenearth believes it was important the local community supported the green project.
"We look forward to working with landowners, community groups in the Anglesea and Geelong areas and other relevant stakeholders to deliver a successful Stage 1 Proof-of-Concept," he said.
"During the first quarter of 2010, we will advise stakeholders of arrangements for convenient local consultations and the provision of ongoing project updates."