Greenearth Energy (ASX: GER) and Israeli energy efficiency technology partner Metrolight have welcomed the Australian government's launch of $1 billion in funding for manufacturers to improve energy efficiency and reduce pollution.
Greenearth Energy managing director Mark Miller said the Clean Technology Investment Program coupled with the company's Metrolight energy efficiency technology solution has the potential for Australian manufacturing companies to drive substantial energy savings while at the same time reducing their carbon footprint.
"Our aim will be to assist suitable partner companies apply for project funding under the Clean Technology Investment Program, install and commission the Metrolight energy efficiency technology and drive energy savings for the benefit of Australian business and communities alike," he said.
"We have the ability to, in partnership with Australian industry, provide a total solution."
The Clean Technology Investment Program will provide grants to help manufacturers buy new plant and equipment which cuts their energy costs or reduces carbon pollution.
Projects that will be supported include switching to less carbon intensive energy sources or installing new manufacturing equipment, processes and facilities to reduce energy consumption and carbon emissions.
The energy efficient Metrolight commercial and industrial lighting technology, which has delivered energy savings of up to 65%, could be a front runner for enabling partner companies to attract project funding under the program.
With more than 750,000 systems installed worldwide, Metrolight's technology has accumulated over 8 billion hours of operation and saved over 1.3 terrawatt hours.
Geelong Geothermal Power Project
Meanwhile, Greenearth Energy is advancing towards the potential development of a 140-megawatt geothermal power plant in Victoria by achieving the milestone of a $25 million funding agreement with the State Government.
The Geelong Geothermal Power Project, located northwest of the township of Anglesea, is targeting to become Victoria's first grid connected geothermal power plant.
The geothermal resource has been assessed as having the potential to deliver up to 140 megawatts of zero emission, baseload, renewable energy for more than 30 years.
Greenearth is continuing discussions with Alcoa of Australia (ASX: AAI) in relation to areas of potential collaboration, including grid connection via Alcoa's infrastructure assets and baseload renewable energy offtake.
The potential for a successful geothermal power project is substantial with its location being close to major industry and the national power grid.
Another plus for the project is the competitive levelised dollar per megawatt hour cost of renewable power generation, assuming a successful Stage 1.
The economics are also favourable with the 12 megawatt demonstration plant able to deliver a positive net present value and equity internal rate of return.