Detailed geological evaluations will be undertaken by GT Energy to produce thermal models of the Devonshire Street site in the Ardwick area, enabling the firm to complete final designs from which to extract heat. Manchester is located on the edge of the Cheshire basin, which has been shown from geological surveys to be one of the optimum sites for extracting geothermal energy in the UK.
GT Energy is investing $728,000 in this new phase of the project. The investment was made possible by the completion of the latest round of corporate fundraising through which GT Energy raised more than $2.7 million from new and existing shareholders.
GT Energy is working with contractor Erdwerk to begin drilling in spring 2015 and generating energy in spring 2016 from the geothermal resources located about two miles below Manchester. A network of pipes will take the heat from underground to city center homes and businesses.