Geothermal energy developer DEEP Earth Energy of Saskatoon has announced the closing on a $4.5 million private placement offering. PHX Energy has also made a strategic investment in DEEP. The company is investing about $3 million with a provision for another $3.5 million of equity upon the potential exercise of warrants held by PHX.

Kirsten Marcia, DEEP President & CEO says, “DEEP’s vision to build up to 160 MW of geothermal power and direct heating infrastructure will create a new, green $1 billion industry for southeast Saskatchewan.”

The first 32 Mega Watt facility is anticipated to begin construction in 2022 and involves a plan to drill 18 horizontal wells, each with a total length of approximately 7,000 meters. Subsequent phases are projected to reach 160 Mega Watts with additional drilling and construction. DEEP says the first facility is on track for full commissioning by early 2024.