Earths Energy (ASX:EE1) (Earths Energy or the Company) is pleased to announce it will commence trading on the Australian Securities Exchange (ASX) today (Feb 7). This follows a successful $6 million capital raising to advance its development of geothermal energy projects in South Australia and Queensland. The Company is a front runner in the Australian geothermal energy industry, which has strong potential to provide vital support to Australia's clean energy transition.
HIGHLIGHTS
- Earths Energy (Formerly Cradle Resources, ASX:CXX) commences trading on the ASX today, following strong demand for a $6 million capital raise to advance geothermal projects in South Australia and Queensland
- Earths Energy is an early mover in the Australian geothermal sector, aiming to establish a reliable, continuous renewable energy solution to contribute to Australia's clean energy targets
- Geothermal energy stands out from other renewables due to its ability to provide constant, 24/7 baseload power generation, and is already proven as a reliable energy source in more than 30 countries globally.
- Technological advancements, such as closed loop systems for producing power from moderate subsurface temperatures in non-permeable rocks, are evolving rapidly, and open geothermal opportunities in Australia.
- Earths Energy's portfolio of geothermal exploration licences is strategically located near existing infrastructure for market access
- In South Australia, the Company has over 12,000 km² near significant mining operations and power networks, with resource potential estimates ranging from 9,700 to 54,100 Mwe1 .
- In Queensland, the Company has a permit near Brisbane and power grids, and is applying for additional blocks near major industrial areas.
- Former Beach Energy Managing Director Matt Kay appointed Managing Director
- Oil and gas technology and skills are highly complementary with developing geothermal assets.
- Earths Energy will continue subsurface geological and geophysical analysis to identify thermal resource potential and conduct preliminary studies and surveys to determine optimised drilling targets.
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