Last checked at 17 Jul 2023 12:47
RNS REACH
17 July 2023
Star Energy Group Plc
("Star Energy" or "the Company")
Government White Paper Published on Deep Geothermal Energy
· Star Energy Group Plc, the British energy company spearheading the development of geothermal in the UK, welcomes the recommendations in the Government White paper published today.
· Calls on government to work with industry to deliver geothermal energy and to move quickly to unlock its potential.
· There is a huge opportunity to use geothermal energy to drive towards net zero and decarbonise the NHS saving emissions between 1.3 -22.7 kt CO2 per year for individual hospital sites.
A Government white paper on deep geothermal energy funded by the Department for Energy Security and Net Zero ("DESNZ"): 'The case for deep geothermal energy - unlocking investment at scale in the UK' was published today.
Chris Hopkinson, CEO of Star Energy, said:
"We welcome today's white paper (which follows swiftly on the heels of the recent report by Dr Kieran Mullan MP - Dig Deep), particularly its call for government to work closely with industry to assist with the development, understanding and financing of geothermal so it can be delivered at scale.
"There's a homegrown, local solution to decarbonising heat sitting right beneath our feet, but our industry needs government support to develop it.
"The potential for geothermal is clear. Just look at our projects with NHS Trusts in Manchester and Salisbury where we are using geothermal to help them decarbonise and replace fossil fuels. The White Paper highlights the NHS as one of the key beneficiaries of developing geothermal, with the top-ranking 30 NHS hospital sites (based on heat demand) saving emissions of 281 kt CO2 equivalent per year."
Star Energy is undertaking several projects across the UK to use geothermal and harness its significant benefits. These include advanced NHS projects in Salisbury and Manchester to assist with the heating of the local hospitals which will, as the report agrees, assist with emissions savings across the NHS on a significant scale.
As the white paper recommends, the sector needs support to encourage the development of pilot schemes and assistance in scaling up the use of geothermal. Government has a critical role to play in this and we hope it acts on this report and works with leading businesses like Star Energy.
Star Energy calls on government to move forward quickly to review the available incentive schemes for geothermal energy and existing funding for public sector schemes for heat projects to facilitate funding of public sector geothermal projects.
ENDS
For further information please contact:
Star Energy Group plc Tel: +44 (0)20 7993 9899
Ann-marie Wilkinson, Chief Communications Officer
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Consulting Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Finlay Thomson/Kendall Hill
About Reach announcements
Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases such as marketing messages, corporate and product information into the public domain. An RNS Regulatory announcement is required to be notified under the AIM Rules for Companies.