Geodynamics is a firm whose business explores the underground as a means to harness the power generated from hot rocks. It is now in the process of searching new partners for its project located in central Australia.
This move comes after its previous partner, Origin Energy Ltd decided to pull out from the project. According to Geoff Ward, CEO of Geodynamics, "We're interested in bringing other partners. It's something that's commencing and one of my key focus areas." He declined to elaborate further during the phone interview.
Geodynamics, which is based out of Brisbane, is seeking to become the first Australian company to build and operate a commercial geothermal plant. The first one is the project in the Cooper Basin, which can generate anywhere between five and ten megawatts of power.
Origin Energy informed Geodynamics last March that it would be withdrawing from the Innamincka venture after saying earlier the project 'hadn't met expectations.'
Possible partners include Santos Ltd or Beach Energy.
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