The CROWDTHERMAL project aims to empower the European public to directly participate in the development of geothermal projects with the help of alternative financing schemes (crowdfunding) and social engagement tools. In order to reach this goal, the project will first increase the transparency of geothermal projects and technologies by creating one to one links between geothermal actors and the public so that a Social Licence to Operate (SLO) could be obtained.
CROWDTHERMAL PROJECT LOGO
- Start date: 1 September 2019, end date: 31 August 2022
- Funding: € 2 305 801,25
- Funding scheme: H2020 Building a low-carbon, climate resilient future, Coordination and support action.
CROWDTHERMAL will create a social acceptance model for geothermal energy that will be used as baseline in subsequent actions for inspiring public support for geothermal energy. Parallel and synergetic with this, the project will work out details of alternative financing and risk mitigation options covering the different types of geothermal resources and various socio-geographical settings. The models will be developed and validated with the help of three Case Studies in Iceland, Hungary and Spain and with the help of a Trans-European survey conducted by EFG Linked Third Parties.
FOR GEOTHERMAL ENERGY
Based on these feedbacks, a developers’ toolbox will be created with the aim of promoting new geothermal projects in Europe supported by new forms of financing and investment risk mitigation schemes that will be designed to work hand in hand with current engineering and microeconomic best practices and conventional financial instruments.
- Understand the requirements for social licencing and develop a Social Licence to Operate (SLO) model for the different geothermal technologies and installations.
- Review any successful case studies, as well as national / EU bottlenecks to alternative financing of geothermal energy in all EU countries.
- Formulate new financial models for crowdsourcing on a national and trans-national basis, covering individual member-states and Europe as a whole.
- Develop recommendations for a novel risk mitigation scheme that will be complementing the alternative financing solutions while also protecting private investors’ interest.
- Develop core services for social-media based promotion and alternative financing of geothermal projects, working closely with existing structures and conventional players.
CROWDTHERMAL is organized around 10 partners from 6 countries with extensive experience in geothermal finance, alternative finance, social media, utility service, research, innovation, education, investment, large-scale geothermal project development and international networking on geothermal energy:
- European Federation of Geologists
- Institute for Future Energy Systems
- University of Glasgow
- GeoThermal Engineering GmbH
- La Palma Research Centre
- Szeged District Heating Co
- Spanish Geothermal Technology Platform
- GEORG – Geothermal Research Cluster
EFG will involve its National Association as Linked Third Parties to support the project’s data collection and dissemination efforts.
- Belgo-Luxembourg Union of Geologists (Belgium-Luxembourg)
- Bulgarian Geological Society (Bulgaria)
- Croatian Geological Society (Croatia)
- Czech Association of Economic Geologists (Czech Republic)
- Professional Association of German Geoscientists (Germany)
- Association of Greek Geologists (Greece)
- Hungarian Geological Society (Hungary)
- Italian National Council of Geologists (Italy)
- Polish Association of Minerals Asset Valuators (Poland)
- Portuguese Association of Geologists (Portugal)
- Serbian Geological Society (Serbia)
- Slovenian Geological Society (Slovenia)
- Official Spanish Association of Professional Geologists (Spain)
- Turkish Association of Economic Geologists (Turkey)
- National Association of Professionals in Geology and Mining (Romania)
- Ukrainian Association of Geologists (Ukraine)
The consortium is now preparing for the upcoming Kick off Meeting in Brussels. Stay tuned!