Mimer Energy in joint venture to deliver £10 million American first

12 January 2012 Energy developer Mimer Energy has signed a joint venture deal with an American town to deliver a £10 million geothermal project that will be the first of its kind in the US.

The deal will see Mimer provide geothermal heating and cooling for businesses and municipal buildings in a district of West Warwick in Rhode Island, 50 miles south of Boston on the east coast of America.

The project will also include elements of wind, solar and hydro power to reduce the reliance on grid electricity and provide low carbon energy for customers at fixed cost, making it commercially attractive.

The project, which is expected to be completed as early as next year, follows Mimer’s build, operate and transfer model.

The company has established a joint venture subsidiary to build and then operate £10 million of renewable energy infrastructure in West Warwick for a period of 15-20 years, after which it transfers to the local community as a self-sufficient micro-utility.

Cornwall-based Mimer Energy, whose team has a track record of 2,000 ground source heat pump installations connected to more than 250 kilometres of boreholes, says the scheme would be unique in the US.

CEO Brian Kennelly said: “West Warwick will become the first area in the US to use geothermal energy on a village scale. Combined with the other renewables technologies this is a great opportunity to be involved in the regeneration of an industrial town to provide energy in a way that will really benefit the community.

“West Warwick is showing real leadership and I believe this project will become a great ambassador for geothermal technology and the innovative business model which enables Mimer to work in partnership to create local employment and other economic benefits.”

West Warwick town planner Fredrick Presley, who is involved in a masterplan to regenerate the Arctic district of the town, said: “For businesses that have heating and cooling year round this is a perfect application for this technology. The first step, taking place now, is to do a full feasibility study to find the potential locations for the geothermal energy system and wells.”

Mimer Energy has developed a fully financed delivery model for renewable energy projects, whether the client is a local authority, health trust, business or a community.

Mimer sets up joint venture companies with its clients and uses its expertise and track record to secure capital funding to build installations which are attractive to investors because they provide long-term and predictable revenue streams.

Geothermal heat pump technology extracts naturally occurring heat from underground to heat buildings, or can work in reverse to pass heat into the ground and cool a building. It can achieve a 50% carbon saving over fossil fuels, and up to a 30% cost saving.

As well as the UK and US markets, Mimer Energy is looking at opportunities in Sweden, the Middle East, Africa and Asia.


Notes to editors
Mimer Energy Limited was created last year through the merger of the technical team behind the former ground source heat pump business EarthEnergy in Falmouth in Cornwall, and Swedish geothermal company Mimer Energy.
Headquarted in Cornwall, Mimer Energy aims to become a global player in zero-carbon energy by helping communities, companies and public bodies build their own geothermal heating and cooling systems.
The geothermal part of the West Warwick project could amount to circa 5MW (megawatts) of thermal power, both heating and cooling. This will include the high school and town council offices together with an extensive commercial district both new build (as part of the town’s regeneration) and retrofits to existing buildings. It is this community or village-scale approach in joint venture with the council that makes the project unique in the US and so pioneering.
The project came about through a networking meeting between West Warwick’s town planner and a Mimer executive in the Middle East.

CEO Brian Kennelly is a graduate of the Camborne School of Mines in Cornwall from the era of the original Hot Dry Rock (HDR) project. His career has included 10 years of utilities infrastructure project management and eight years in the geothermal industry. He is current chairman of the UK’s Ground Source Heat Pump Association.

www.mimerenergy.com


For more information contact:

Jason Clark

DCA Public Relations

jason.clark@dca-pr.co.uk

+44(0)1208-77900