“Geothermal resources have the potential to produce carbon free electricity and heat 24/7 within UK borders and we are delighted to welcome this further investment in our journey to realising the huge potential of this important renewable energy source. We are excited to work with both local and national Government to maximise this opportunity and make the UK a world leader in geothermal energy. With its mining and industrial heritage, and geological expertise the UK is well placed to succeed. Alongside geothermal power and heat production, our trials at site suggest that there is also the opportunity to develop a strong, zero carbon domestic lithium industry linked to the power plants.”

“Having provided the first commercial funding into United Downs, which has enabled it to reach the construction stage, we are delighted to make a further investment to get this ground-breaking project into operation. United Downs will provide vital renewable baseload power to replace coal and gas, reliable heat to the local community, and could be the start of a whole new sustainable industry across Cornwall bringing green jobs and investment into the county. As a pioneering clean energy investor, we are pleased to be part of this significant step in the UK’s transition to a cleaner energy system.”