Climeon receives the world's first order for a geothermal power plant in Canada from Borealis GeoPower. The order relates to a demonstration project named Sustainaville, in Valemount, British Columbia. It includes delivery of three 150 kW Climeon modules and is valued at approximately EUR 1 000 000.
The municipality of Valemount is situated near the end of a transmission line. The distributed power production from the Climeon Heat Power solution will contribute to Valemount's economic development by providing additional energy to the area. Borealis GeoPower has conducted extensive field work and is confident that the Climeon Heat Power system can operate at optimal levels even when there are large variations in flow and temperature.
"Our impact goes deeper than the drilling. We provide energy and food security solutions with an emphasis on "please in my backyard" from the local community and Indigenous Peoples. We look forward to working with the low temperature Heat Power market leader Climeon and our myriad stakeholders on bringing the Sustainaville project to life. Thanks goes out to the British Columbia and other governments involved in this project for their continued support," says Alison Thompson, Co-Founder and CEO of Borealis GeoPower.
"We are very excited about the possibility to work with Borealis on this project. The potential for low temperature geothermal heat power is substantial and it can be produced almost anywhere in the world. This new order, together with orders from Iceland, USA and Germany earlier positions us as a key player in the transition to renewable energy, " says Ruben Havsed, Head of Sales Geothermal at Climeon.
Natural Resources Canada contributed CAD 1,541,000 through its Energy Innovation Program.
"Geothermal power is an exciting avenue that offers us so much to explore. By bringing this demonstration of renewable power to our country, we have the opportunity to showcase clean reliable energy generation, supporting the transition away from fossil fuels to more sustainable options. Our government is proud to support Borealis and Climeon to discover how this demonstration project may lead to further geothermal energy deployments that will help our country create a brighter future," says The Honourable Jim Carr, Canada's Minister of Natural Resources.
"Alberta Innovates is pleased to have played a role in supporting a geothermal company in Alberta," says John Zhou, Vice President of Clean Energy for Alberta Innovates. "Alberta's engineering expertise can help in developing geothermal resources in Canada and around the world".
Drilling of the wells will start in the Spring of 2018 and the delivery of the Climeon Heat Power modules is planned for the end of 2018. Together with Borealis GeoPower, Climeon is taking an important step to demonstrate the viability of commercial geothermal heat power in Canada.
The demonstration project makes Borealis GeoPower a leader in the Canadian geothermal sphere. Longer term, the company aims to make remote communities less dependent on fossil fuels by heating and fully powering them with clean energy from geothermal resources.
Geothermal power is in service day and night throughout the year. It can provide the same regulating power as coal or diesel-fired power plants as part of the heat power category, making it the best option to offer clean power in quantities large enough to replace fossil energy sources.
Canada is the only large country in the volcanic area surrounding the Pacific Ocean, called the Ring of Fire, that still lacks geothermal power production. Canada is estimated to have similar geothermal potential as USA which has 3.5 GW of installed geothermal power production capacity. Canada's know-how and expertise from the oil and gas industry together with the progressive geothermal sector sets a good foundation for the geothermal market to accelerate in the coming years.
This press release contains such information that Climeon AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was published for public disclosure on April 4, 2018, at 08:00CEST through the agency of the contact persons set out above.
For additional information, please contact:
Thomas Öström, CEO, Climeon
+46 708 94 96 05
Christoffer Andersson, COO, Climeon
+46 762 00 72 99
Alison Thompson, CEO, Borealis GeoPower
Dwayne Brunner, Media Relations, Alberta Innovates
About Climeon AB (publ)
Climeon provides a heat power technology that uses energy from two types of sources, low-temperature geothermal heat from the ground and waste heat from industries and gensets. Heat power is expected to become one of main categories of renewable energy alongside wind and solar. The Company received its first order in 2015 and has since then built up a customer base consisting of Viking Line, Virgin Voyages/Fincantieri, Maersk Line, CP Energy and SSAB, among others. Countries where Climeon's offering is available include the USA, Canada, Iceland, Germany, the Nordics, Poland, India and Japan. The product is protected by patents and offers market-leading performance within its areas of application. Climeon's B shares are listed on Nasdaq First North Stockholm and FNCA Sweden AB is Certified Advisor to the Company.
About Borealis GeoPower Inc.
Borealis GeoPower believes that geothermal energy is the next generation of distributed energy - it is clean, renewable, baseload power and heat that can fuel communities. Incorporated in 2008, our promise is to help build a thriving and sustainable Canadian energy future, beginning with our Sustainaville project near Valemount, BC. The company also co-owns a project in Terrace, BC and has completed a feasibility study for a project in Northwest Territories. Borealis' proprietary Optimized Geothermal Exploration approach enables cost effective development of geothermal resources and the build out of all sizes of projects from remote communities to utility-scale.
About Alberta Innovates
Alberta Innovates is a provincially-funded Corporation with a mandate to deliver 21st century solutions for the most compelling challenges facing Albertans. We do this by building on our province's research and technology development strengths in the core sectors of health, environment, energy, food and fibre and platforms such as artificial intelligence, nanotechnology, and omics. We are working with our partners to diversify Alberta's economy, improve our environmental performance and enhance our well-being through research and innovation.
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