Four Australian geothermal companies have had to forgo more than $26 million in Commonwalth Government grants because they have been unable to attract other funding for their projects in time.

Torrens Energy, Green Rock Energy, Greenearth Energy and Hot Rock have terminated their agreements under the Geothermal Drilling Program which required the companies to find matching funds for the Government grants by specified deadlines.

All four companies are now planning to seek funding under the Government’s recently announced Emerging Renewables program. The program will have funding of $126 million with at least a third of this expected to be available to support the development of geothermal energy in Australia.