a new float listing today
presently trading at 34 cents
issue price 20 cents
ANOTHER HOT ROCK LISTING
TORRENS Energy (TEY when listed) is going to the market seeking $6 million to developed hot rock thermal energy sources near Adelaide.
The company joins the existing 14 players in this form of energy - six of them listed on the ASX, being Geodynamics (GDY), Petratherm (PTR), Green Rock Energy (GRK), Geothermal Resources (GHT), Eden Energy (EDE) and Origin Energy Resources (ORG).
These companies are seeking to tap hot rocks, a phenomenon centred on South Australia. Their plan is to pump cold water into the ground, turn it into superheated water that, when brought to the surface, produces steam to drive generators.
Torrens has a portfolio of 14 geothermal exploration licences which it says are close to South Australia's main transport routes, local infrastructure and the national power grid. The company claims the factor which sets it apart from the other geothermals is that all the other projects are in remote areas.