The CrowdThermal Project aims to empower the European public to directly participate in the development of geothermal projects with the help of alternative financing schemes (crowdfunding) and social engagement tools.
In order to reach this goal, the project will first increase the transparency of geothermal projects and technologies by creating one to one links between geothermal actors and the public so that a Social Licence to Operate (SLO) could be obtained. This will be done by assessing the nature of public concerns for the different types of geothermal technologies, considering deep and shallow geothermal installations separately, as well as various hybrid and emerging technology solutions.
CrowdThermal will create a social acceptance model for geothermal energy that will be used as baseline in subsequent actions for inspiring public support for geothermal energy. Parallel and synergetic with this, the project will work out details of alternative financing and risk mitigation options covering the different types of geothermal resources and various socio-geographical settings. The models will be developed and validated with the help of three Case Studies in Iceland, Hungary and Spain and with the help of a Trans-European survey conducted by EFG Third Parties.
Based on these feedbacks, a developers’ toolbox will be created with the aim of promoting new geothermal projects in Europe supported by new forms of financing and investment risk mitigation schemes that will be designed to work hand in hand with current engineering and microeconomic best practices and conventional financial instruments.
The consortium of CrowdThermal includes:
- European Federation of Geologists
- Institute for Futurenergy- and Materialflow-systems
- University of Glasgow
- GeoThermal Engineering GmbH
- La Palma Research Centre
- Spanish Geothermal Technology Platform
- GEORG – Geothermal Research Cluster