FutEra Power Corp., a subsidiary of Razor Energy Corp., a publicly-traded Alberta-based junior oil and gas company, starts the construction of its co-produced Geothermal Power Project in Swan Hills, Alberta.
The project begins with field construction activities for Stage Gate 1, with financial and in-kind support from Razor. FutEra has partnered with the provincial and federal governments to invigorate the emerging geothermal industry. Alberta Innovates (AI), Emissions Reduction Alberta (RA), and Natural Resources Canada (NRCan) have provided grants to complete funding.
With an estimated cost of CAD20 million (US$16.53 million) to complete, Stage Gate 1 will produce up to 3 MW of green geothermal electricity. The planned second phase of the Project (Stage Gate 2) will add a natural gas turbine and optimize the geothermal power efficiency, estimated to cost an additional CAD10 million (US$8.26 million). After the completion of both Stage Gate 1 and 2 of the project, the total installed electric capacity will be 21 MW.
