Verkis has received a grant of ISK 8,718,000 (approx. USD 63,505) for the 12-month project.
The first step of the project will be to process existing data pertaining to possible geothermal production sites in India. Out of the 350 areas considered for the project, a shortlist of three specific locations will then be chosen for feasibility studies designed to assess the optimal utilization of geothermal resources in these areas.
This study serves as a preliminary step leading to more extensive geological investigations and planning for the implementation of geothermal projects.The installation of a geothermal project is expected to provide several benefits to local communities including reduced pollution, lower energy costs for homes and businesses, and possible prospects for tourism. The initiative has the potential to invigorate the regional economy by providing new job opportunities, and enhancing the overall well-being of the population.
The project will be carried out with local experts and in dialogue with municipalities in the selected areas.
The goal of the World Economic Development Goals Fund is to encourage the participation and contribution of businesses to development cooperation. Along with Verkis, the three companies chosen for funding were Tern systems, As We Grow, and Creditinfo Group.
Geothermal development in India has picked up the pace in the last 2 years with a geothermal drilling campaign by the Oil and Natural Gas Corporation (ONGC) in the Puga Valley in Ladakh, as well as a proposed nation-wide project to map the geothermal resources of India. In late 2023, the Government of Arunachal Pradesh in northeast India signed an MOU with the Norwegian Geotechnical Institute (NGI) to collaborate and explore the feasibility of harnessing geothermal energy from the state’s hot springs.
