Stellae Energy Ltd would like to share the following press release issued by the Autonomous Bougainville Government (ABG) in the Western Tropical Pacific:
"ABG partners with Stellae Energy Ltd to explore the potential for advancement of sustainable geothermal energy projects
The Autonomous Bougainville Government (ABG) has announced the signing of a Memorandum of Understanding (MOU) with Stellae Energy Ltd (Stellae), a UK-based Green Energy Solutions and Assets company.
This partnership marks a significant achievement in Bougainville's journey towards energy independence and economic sustainability through the exploration of the region's volcanic geothermal resources.
The MOU outlines a working cooperation between Stellae and the ABG through the Department of Mining and Petroleum (DMP) and the Bougainville Power and Water Corporation (BPWC), to identify and develop potential geothermal energy sites across the island.
This initiative is part of Bougainville's broader energy security strategy to harness its natural resources in a way that benefits local communities, fosters economic growth, and contributes to global efforts to combat climate change.
"It is the Bougainville energy policy strategic view that green energy investment and development is encouraged by the government," said President Ishmael Toroama who is also the Minister responsible for Mineral and Energy Resources.
"This partnership is a testament to Bougainville's commitment to sustainable development and can provide the basis for an industrial revolution in Bougainville in the near future. By tapping into our geothermal resources, we not only aim to secure a reliable and clean energy source for our people but also aim to reduce our dependency on imported fossil fuels, paving the way for a greener and more self-sufficient Bougainville," he said.
Stellae Energy Ltd, known for its innovative approach to renewable energy, will lead the exploration efforts in collaboration with local stakeholders. The project will be rolled out in phases, beginning with a comprehensive Exploration Screening Study. This study will assess the viability of various geothermal sites and lay out a clear roadmap for future development.
This opportunity has potential to bring electricity to local communities and businesses and also look into producing Green Hydrogen; this alternative energy carrier can be used to power transportation and other sectors, further supporting sustainable development in Bougainville.
In addition to providing clean energy, this opportunity when progressed successfully will create jobs, stimulate local economies, and position Bougainville as a future leader in renewable energy within the Pacific region.
"The ABG is committed to ensuring that the development of geothermal resources is carried out with the utmost respect for the environment and the rights of local landowners. The government will work closely with Stellae Energy Ltd to engage with communities throughout the exploration and development process, ensuring that their voices are heard and their interests protected," said Peter Kolotein, ABG Secretary for Mining and Petroleum."
David Hartell, CEO of Stellae Energy said "Stellae Energy is pleased to announce a strategic partnership with Bougainville to unlock the region's geothermal potential. This initiative aims to provide a reliable and sustainable energy source, fostering economic development and energy independence for Bougainville. Our team at Stellae Energy brings decades of international energy project experience, supported by highly experienced regional teams for similar geothermal projects. We are embarking on an exciting journey to transform the Western Tropical Pacific with sustainable green energy resources. As part of this initiative, we are expanding our board and appointing advisors for the upcoming equity raise."
For more information, please contact:
General: David Hartell DHartell@StellaeEnergy.comInvestors: Aurangzeb Bozdar ABozdar@StellaeEnergy.com
Additional Stellae Energy Notes:
This press release announces Stellae Energy's collaboration with Bougainville to explore and target potential economic, sustainable geothermal power projects, highlighting the 2024 MOU signing and the ongoing technical and commercial work for a forthcoming Exploration Screening Study Report.
Stellae Energy is a UK-based Green Energy Solutions and Assets company focused on the exploration, development, and operation of renewable energy projects. With a commitment to sustainability and innovation, Stellae Energy aims to provide reliable, clean energy solutions to communities around the world. We have been well supported by the UK government's Foreign, Commonwealth & Development Office (FCDO) for our international work. The company is in the process of raising investment capital for the exploration phase of this transformational opportunity and several Geothermal development projects. The company is also expanding its Board of Directors and appointing Senior Advisors for the upcoming equity raise.
