Geo40 will receive government investment to help scale up their geothermal lithium production technologies.
The New Zealand government will invest an equity stake of NZD 2 million (approx. USD 1.35 million) to scale up the lithium production technology of the Geo40. This company is currently extracting silica from the geothermal brine of the Ohaaki field, located near Taupo.
The establishment of this Regional Strategic Partnership Fund (RSPF) was announced by Economic and Regional Development Minister Stuart Nash. “The investment is the first by the RSPF,” said Nash.
“This is a game-changing programme of work. If we can successfully build up Geo40’s green technology to commercial scale, New Zealand could become an international leader in technology for the sustainable supply of lithium, and help to build lasting action on climate change.”
“It could also help meet New Zealand’s 2050 carbon neutral target and create jobs to support the economic recovery. Expanding geothermal energy and advanced manufacturing opportunities in Taupo will be significant to diversify its local economy.”
In 2019, Geo40 had also received funding of NZD 15 million (approx. USD 10 million) under the Provincial Growth Fund to commission and build new silica extraction plants. More recently, venture capital firm Pacific Channel invested NZD 7.5 million (approx. USD 5.4 million) to help Geo40 develop early-stage technology for lithium extraction from geothermal brine.
