Opposition leader Kevin Rudd has announced plans to provide a $50 million cash injection into the Geothermal industry if elected into power later this year. The funds would have to be matched by industry.

This has helped today push the share price of Australia’s listed geothermal energy companies up between 8 and 28 per cent.

“Geothermal energy holds the promise of being a renewable energy source with zero greenhouse gas emissions that can operate 24 hours a day providing critical baseload power for Australian homes and industries,” an ALP statement says.

Meanwhile, it was reported executives from Geodynamics & Petratherm were in Canberra yesterday informing the current Federal Government what it can do to help Hot Rocks in the next 6 to 8 months.

The opposition has indicated their contribution to the Hot Rock industry could be used to fund drilling rigs. Lack of drill rig availability and crews due by the resource boom is hindering progress in the Hot Rock sector. Geodynamics has just paid $32 million for a Lightning Rig manufactured in Huston by LeTourneau Technologies Inc, after having difficulty contracting a suitable rig in Australia.

» Hot rocks firms just got hotter - The Adelaide Advertiser, June 1st 2007.
» Hot rocks could get a big boost - ABC Science, June 1st 2007.
» Labor gazumps PM with climate plan - The Age, May 31st 2007.
» Rudd in fund race - The Courier Mail, May 31st 2007.