The oil and gas company, IGas, announced today it is to explore geothermal energy sites in Cornwall.
In a statement to investors, IGas said it had reached agreement with Cornish Lithium to evaluate commercial geothermal sites.
The deal would also investigate the potential to extract lithium from geothermal water, the statement said.
Cornish Lithium had secured land and mineral rights in south west England, IGas said. It had also developed models of mineral potential in the region.
IGas chief executive Stephen Bowler said:
“This collaboration with Cornish Lithium is another important step in our drive to diversify and leverage our operational expertise.
“This complements the ongoing work on hydrogen production and carbon storage and further augments our geothermal business.”
This is IGas’s third move into geothermal energy.
In September 2021, IGas announced an agreement with CeraPhi Energy to develop geothermal projects using existing oil and gas wells.
A year earlier, IGas acquired the geothermal business, GT Energy UK Limited, which has plans for a deep renewable heat scheme in Stoke-on-Trent in Staffordshire.