Hungarian geothermal developer and operator PannErgyNyrt. has announced that the company has been awarded a grant of HUF 994,364,4090 (approximately $28.4 million) for the drilling of a third production well at the Miskolc geothermal power project.

The grant was awarded by the Ministry of Technology and Industry, which, within the framework of the Action Plan for Climate and Environmental Protection, issued an application entitled "Grant for activities based on geothermal heating projects", which was subsequently submitted by KUALA Kft., a subsidiary of the PannErgy Group. The application was submitted in November 2022.

The Miskolc Geothermal Heating Plant started operation in 2013 and by the end of 2014 a second stage was added. It provides thermal energy to the city of Miskolc as well as to industrial and agricultural customers. It currently has a capacity of 45 MWth and operates from 2 production wells.

Following the funding, the company announced that it will continue to drill a third production well, which it plans to integrate into its current system in September 2024.

Source: Market Screener

Hungarian geothermal developer and operator PannErgyNyrt. has announced that the company has been awarded a grant of HUF 994,364,4090 (approx. USD 2.84 million) for the drilling of a third production well for the Miskolc geothermal power project. The company has announced that the company has been awarded a grant of HUF 994,64,4090 (approx. USD 2.84 million) for the drilling of a third production well for the Miskolc geothermal power project.

Thegrant was awarded by the Ministry for Technology and Industry following a call for applications entitled "Grants for the activities of geothermal-based heat generation projects" within the framework of the Climate and Environmental Protection Action Plan. Thegrant was awarded by the Ministry for Technology and Industry following a call for applications entitled "Grants for the activities of geothermal-based heat generation projects" within the framework of the Climate and Environmental Protection Action Plan. Thegrant was awarded by the Ministry for Technology and Industry following a call for applications entitled "Grants for the activities of geothermal-based heat generation projects" within the framework of the Climate and Environmental Protection Action Plan.

TheMiskolc geothermal heating plant started operations in 2013, with a second phase added by late 2014. It supplies heat to the city of Miskolc as well as to industrialand agricultural customers. It currently has a capacity of 45 MWth and operates from 2 production wells.

Withfunding secured, the company has announced that the drilling of the third production well will proceed and that it is scheduled to be integrated into the current system by September 2024. The company has announced that the drilling of the third production well will proceed and that it is scheduled to be integrated into the current system by September 2024.

Source:MarketScreener