20.12.2022 | News
Geothermal heating is an almost emission-free form of energy generation, which can cut down carbon emissions from heating systems. The Finnish company QHeat, specialised in producing renewable geothermal energy, has received financing from Nefco to scale up its solution in the Nordic and Baltic countries.
The Finnish company Quantitative Heat Oy (QHeat) has designed a solution to generate renewable energy with low emissions from geothermal heat utilising medium-deep heat wells. The solution, which can be used for cooling and energy storage, reduces CO2 emissions from heating buildings by approximately 95% compared to burning fossil fuels. It can be nearly emission free depending on the source of electricity used.
The company has received financing from Nefco’s Green recovery loan programme to help boost its ongoing activities in Finland and start scaling up its technology in other Nordic and Baltic countries.
“Geothermal heating has significant potential to help transition municipal heating towards energy self-sufficiency and achieve carbon-neutrality targets more quickly. The expansion of QHeat’s solution in the Nordics will accelerate the green transition in the energy sector and we are glad that Nefco can support this change,” commented Meeri Kaurissaari, Investment Officer at Nefco.
Geothermal heat for a carbon-neutral energy future
The European market for geothermal heating is expected to grow in the coming years. Geothermal energy is a self-sufficient solution that does not require the use of fuels for combustion. “The European energy crisis will accelerate the transition towards renewable energy sources. QHeat’s solution makes this transition possible even on a larger scale – for big properties and district heating,” said Erika Salmenvaara, CEO, QHeat.
QHeat’s innovative technology can produce renewable energy from 1000-3000-metre-deep heat wells that exploit thermal energy from the ground for heating, cooling and storing energy. These wells can provide more heat for more buildings, reducing drilling and its associated impacts. For example, a single QHeat 1500-metre-deep geothermal well can heat up to three blocks of flats.
The technology is suitable for existing and new buildings as well as industrial properties. “Our solution will accelerate progress towards the climate goals for the built environment by providing clean heating. The solution works best for large real estate areas and local heating networks,” said Salmenvaara.
Financing pioneering geothermal solutions
QHeat built Finland’s first geothermal heating plant in Espoo in 2019, and another in Salo in 2021; it is currently working on three other projects in the country. At present, QHeat only operates in Finland but is looking for partnerships in the Baltics and other Nordic countries to quickly develop and implement its geothermal technology.
Nefco’s financing will help the company finalise its ongoing projects in Finland. Its efforts will be focused on digitalising both its drilling technology and monitoring of customers’ energy use to provide the company with valuable information and speed up its expansion process. “With the help of Nefco’s financing, we can now focus on making production more efficient. This will help us in entering international markets,” said Hanna Sölli, CFO, QHeat.
For further information, please contact:
Meeri Kaurissaari, Investment Officer, Nefco
meeri.kaurissaari@nefco.int, +358 10 6180 682
Mikael Reims, Vice President, Origination, Nefco
mikael.reims@nefco.int, +358 10 6180 670
Erika Salmenvaara, CEO, QHeat
erika.salmenvaara@qheat.fi, +358 400831551
About Quantitative Heat Oy
Quantitative Heat Oy (QHeat) is a Finnish start-up founded in 2018 that specialises in geothermal energy generation from medium-deep heat wells. The technology developed by QHeat has been tested in cooperation with Finnish experts and universities. QHeat’s solution combats climate change and is an almost emission-free method of energy generation suitable for large numbers of properties. QHeat implemented Finland’s first functioning geothermal plant in Espoo in January 2020 and currently has several ongoing projects in the country. Read more: www.qheat.fi