GEL is owned by its management team and institutional investors (Kerogen Capital and Thrive Renewables). GEL has also benefitted from grant funding from the European Regional Development Fund (ERDF) and Innovate UK. Any enquiries relating to investment should be directed to contact@gel.energy
Kerogen Capital
Kerogen Capital is a specialist energy-focused private equity firm investing in the transition to low-carbon secure energy systems. Kerogen has invested over £15m in GEL towards building the power and lithium plants at United Downs.
Jason Cheng, CEO and Co-Founder of Kerogen Capital, said:
“We are very excited to be partnering with GEL which is developing the UK’s first geothermal power project.
“The UK has large geothermal natural resources and can provide security and independence from imported energy. We believe geothermal in the UK has enormous potential to create a new industry, grow a domestic supply chain and drive employment.
“The investment in GEL represents our third in the geothermal sector, following our backing of Yeager Energy (Netherlands) and GTML (Norway). Our in-house technical and commercial expertise position us uniquely to deploy in this exciting sector.”
Thrive Renewables
Thrive Renewables plc is an institutional investor focused on UK renewable energy projects. Thrive has invested over £7m into GEL’s development of geothermal power and lithium at United Downs.
Matthew Clayton, Managing Director at Thrive Renewables, said:
“Having provided the first commercial funding into United Downs, which has enabled it to reach the construction stage, we have been delighted to make further investments to get this ground-breaking project into operation.
“United Downs will provide vital renewable baseload power to replace coal and gas, and could be the start of a whole new sustainable industry across Cornwall bringing green jobs and investment into the county.
“As a pioneering clean energy investor, we are pleased to be part of this significant step in the UK’s transition to a cleaner energy system.”
