#CROWDTHERMAL is a new project funded under the European Union’s Research and Innovation programme Horizon 2020 (grant agreement n°857830) which aims to empower the European public to directly participate in the development of geothermal projects with the help of alternative financing schemes such as crowdfunding and social engagement tools. The 36-months project has held its kick-off meeting in Brussels, on 23 and 24 September 2019. One of the major drivers of CROWDTHERMAL is to support the EU’s strategic objective to decrease dependence on fossil fuels, to create a stable energy market, and to reduce the environmental impact of its energy supply.
#CROWDTHERMAL will create a social acceptance model for geothermal energy that will be used as a 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.
In order to reach this goal, the project aims at:
- Understanding the requirements for social licencing and developing a Social Licence to Operate (SLO) model for the different geothermal technologies and installations,
- Reviewing any successful case studies, as well as national/EU bottlenecks to alternative financing of geothermal energy in all EU countries,
- Formulating new financial models for crowdsourcing on a national and trans-national basis, covering individual member-states and Europe as a whole;
- Developing recommendations for a novel risk mitigation scheme that will be complementing the alternative financing solutions while also protecting private investors’ interests;
- Validating findings with the help of three case studies in Iceland, Hungary and Spain;
- Developing core services for social-media-based promotion and alternative financing of geothermal projects, working closely with existing structures & conventional players.
Led by the European Federation of Geologists (EFG), CROWDTHERMAL will be implemented by a consortium of 10 partners from 7 European countries, combining extensive experience in large-scale geothermal project development, alternative finance, social media engagement, innovation, education, and international networking on geothermal energy. We aim to be able to support sustainable development by making citizens and businesses more active in society and environmentally positive investments.
Partners of the CROWDTHERMAL project includes:
- 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
We are proud to be part of this exciting venture and looking forward to new challenges ahead. #CROWDTHERMAL #H2020
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**** Pictures from the kick-off in Brussels, 23/24 September 2019 ****