Terrapin Geothermics Inc., a Canadian geothermal energy developer specializing in generating clean, baseload electricity and heat from industrial waste heat and deep geothermal resources, today announced that it is merging with award-winning California-based green infrastructure development and advisory firm, TerraScale Inc., into a new US-based entity, Climate Transition Development Corporation.
Under the terms of the agreement, Climate Transition Development will be jointly owned by the existing shareholders of Terrapin and TerraScale and will be managed by the blended management teams of the companies. Climate Transition Development will be driven by its mission to spearhead a shift towards sustainable infrastructure and renewable energy, leveraging the latest advancements in technology and strategic financial instruments to drive global change.
The company will initially concentrate on the development of a range of projects encompassing geothermal heating, geothermal cooling, and geothermal power in Alberta, Switzerland, and Japan. Climate Transition Development will be initially focused on developing Terrapin's Alberta No. 1 Geothermal Power Plant development near Grande Prairie, Alberta. This CAD ~$106MM project is supported with a CAD $25.42MM "spend and reimburse" grant from the Emerging Renewables Power Program – NRCan (Natural Resources Canada), of which ~$6MM has already been monetized.
"By harnessing Terrapin's technical prowess in geothermal development alongside TerraScale's expertise in infrastructure development and project financing, we forge a powerful combination. This synergy will support the development of our international sustainable project pipeline," said Marc Colombina, Vice President of Operations & Director at Terrapin. "Terrapin is proud to work with TerraScale to achieve the development of clean and renewable power solutions."
"Our collaboration with Terrapin will usher in innovative financing and development models, fostering swift market growth and expanding geothermal capacity," said Danny Hayes, CEO of TerraScale. "Together with Terrapin's highly experienced management team, we believe Climate Transition Development is uniquely positioned to lead the global transition towards a more sustainable and energy-efficient future."
Media Contact
Marc Colombina, Terrapin Geothermics Inc., 1 7809199441, marc@terrapingeo.com, https://www.terrapingeo.com/