Icelandic engineering firm Verkís has been chosen as one of four recipients of funding from the World Economic Development Goals Fund for collaborative initiatives in developing nations. Verkís' project, titled “Geothermal India,” aims to evaluate the potential of India's geothermal resources, focusing on the Himalayan and India Peninsula regions.
Verkís has been granted ISK 8,718,000 (approximately USD 63,505) for the 12-month project, which will begin by processing existing data related to potential geothermal production sites in India. From the initial 350 areas considered, three specific locations will be shortlisted for feasibility studies, assessing the optimal utilization of geothermal resources.
This preliminary step sets the stage for more extensive geological investigations and planning for the implementation of geothermal projects. The installation of geothermal projects is expected to yield various benefits for local communities, including reduced pollution, lower energy costs for homes and businesses, and potential prospects for tourism. The initiative could stimulate the regional economy by creating job opportunities and enhancing overall well-being.
Verkís will collaborate with local experts and engage in dialogue with municipalities in the selected areas during the project's execution.
The World Economic Development Goals Fund aims to encourage businesses' participation and contribution to development cooperation. Alongside Verkís, the three other companies selected for funding are Tern Systems, As We Grow, and Creditinfo Group.
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India has seen a surge in geothermal development in the past two years, marked by a geothermal drilling campaign by the Oil and Natural Gas Corporation (ONGC) in the Puga Valley in Ladakh. Additionally, there is a proposed nationwide project to map India's geothermal resources. In late 2023, the Government of Arunachal Pradesh in northeast India signed a Memorandum of Understanding (MOU) with the Norwegian Geotechnical Institute (NGI) to explore the feasibility of harnessing geothermal energy from the state's hot springs.
