View of the vast volcanic landscape to be explored under a newly granted geothermal reconnaissance license in Ethiopia (source: 4th Resource)This strategic partnership brings together 4th Resource Corp.’s expertise in geothermal technology and EIH’s deep understanding of the local business landscape, creating a formidable force to drive sustainable energy production and economic growth in the region. The agreement outlines a collaborative framework that will facilitate the exploration, development, and operation of geothermal resources in Ethiopia.
The Harmokale geothermal project is set to contribute significantly to Ethiopia’s energy mix, reduce carbon emissions, and create job opportunities for local communities. Moreover, the partnership will prioritize capacity building, knowledge transfer, and technology sharing to empower Ethiopians with the skills and expertise needed to sustain the geothermal industry’s growth in the long term.
By leveraging each other’s strengths, 4th Resource Corp. and EIH’s aim to establish a world-class geothermal project that not only contributes to the energy security of the nation but also sets a new standard for environmentally conscious and socially responsible energy production.
4th Resource had previously been awarded a geothermal reconnaissance license by the Ministry of Mines of Ethiopia, the first such license awarded under the new geothermal regulations issued in 2019 which are designed to facilitate and incentivize geothermal development in the country. Earlier this year, 4th Resource announced a partnership with Canada-based engineering and geomatics consultancy GNO-SYS for support in geothermal exploration, particularly in mapping the geology and selecting high potential targets and possible drilling sites.
“This partnership reflects our dedication to harnessing clean and renewable energy sources to power a sustainable future,” stated Phil Harms, CEO of 4th Resource Corp. “Ethiopia boasts immense geothermal potential, and with the combined efforts of 4th Resource Corp. and Ethiopia Investment Holdings, we are poised to unlock this potential and create a model for sustainable development.”
The signing of this MoU exemplifies Ethiopia’s continued leadership in developing a green, sustainable economy and sets a positive precedent for international collaboration in the renewable energy sector. Both 4th Resource Corp. and EIH are committed to expediting the project’s development and achieving mutually beneficial outcomes for all stakeholders involved.
