Member company profile:
Innargi is currently constructing the most extensive coherent geothermal district heating system in the EU, supplying 36.000 households with clean, sustainable heat from 2-3 kilometres depth from Earth’s surface.
BRINGING GEOTHERMAL ENERGY INTO DISTRICT HEATING
Clean, emission-free, and sustainable Geothermal heating is a highly climate-friendly heat source for district heating. When paired with renewable power from so- lar or wind, geothermal heating is not just carbon neutral; it is essentially emission-free. Geothermal heating is a dependable and stable energy source day and night through all seasons. The underground reservoir is its own storage facility, ideal as a baseload in district heating. Once a plant is up and running, there is no pollution, almost no noise, no smell, and no waste, making geothermal heating a “good neighbour” in the city.
In January 2022, ATP and NRGi joined as cornerstone investors. ATP is one of Europe’s biggest pension funds and fits perfectly as a long-term investor contributing with a deep understand- ing of the importance of longtermism to support the green transition. NRGi is one of the biggest utilities in Denmark and has committed to investing in more sustainable energy pro- jects. At the same time, it supports the green transition and the collaboration of the power and heating sector. We engage – support from local communities is crucial. The key to success for all infrastructure projects is public sup- port. It is not only a question of understanding local plans and regulations and securing local permissions. We invest in secur- ing the support of local communities – both those who govern them and those who live in them, and we strongly believe that transparent and clear information at all stages of the process is the way to gain respect and trust from the local communities and NGO’s.
Geothermal district heating at low risk and competitive price
Historically, geothermal projects were often one-offs, making them risky and potentially expensive. Innargi has developed a business model where we take 100% of the risk and cost of the initial exploration phase. We have the funding to take the risk, see things through, and invest in long-term partnerships, and we require no payment until the heat flows. We have developed a business model in which we take the responsibility and risks related to the sub- surface, from the initial test drilling to supplying the energy from the warm water to the district heating company. That way, district heating companies and their customers can be sure that there will be no unanticipated added costs, even if things do not go as planned. Stable and predictable prices let the district heating company control its heating costs by removing the uncertainty of fluctuating commodity prices.
FACT BOX
What we do? We finance, develop, construct, and operate large- scale geothermal heating plants for district heating companies taking. We take 100% of the risk and cost of the initial exploration phase. We have the funding to take the risk and invest in long-term partnerships. We require no payment until the heat flows. By industrializing geothermal heating, we are both driving down costs and leveraging the learning effect
Long-term partnership and deep knowledge of all processes
We have operated the facility for 30 years and guarantee heat availability and performance when it is up and running. Be- cause geothermal is a baseload, it is always there when needed. Innargi was founded in 2017 by A.P. Møller Holding, a Danish investor well known for the Maersk brand, which has been drill- ing for oil and gas for decades. This deep knowledge of subsur- face conditions, drilling, and technical expertise is now used to find and drill for hot water since Maersk sold off its fossil fuel businesses.
For further information please contact: Phil Gosney, philip.gosney@innargi.com
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