Acclaimed green infrastructure development and advisory firm joins forces with prominent Canadian geothermal energy developer via a strategic merger
SANTA MONICA, Calif., Feb. 1, 2024 /PRNewswire-PRWeb/ -- TerraScale Inc., an award-winning California-based green infrastructure development and advisory firm, and Terrapin Geothermics Inc., a Canadian emission-free energy developer specializing in generating clean, baseload electricity and heating/cooling from industrial waste heat and deep geothermal resources, have announced that they are merging into Delaware-based C-Corp, Climate Transition Development.
Under the terms of the agreement, Climate Transition Development will be jointly owned by the existing shareholders of Terrapin and TerraScale and managed by the blended management team of the two companies. Climate Transition Development will be driven by its mission to spearhead a shift towards sustainable infrastructure and renewable energy, leveraging the latest advancements in technology and strategic financial instruments to drive global change.
Climate Transition Development's mission is to lead the development of green real estate, enterprise solar & geothermal projects, as well as cutting-edge sustainable energy solutions, including greenfield and brownfield projects.
The merged company will be initially focused on developing a suite of geothermal heating, geothermal cooling and geothermal power projects in Alberta, Switzerland and Japan. This includes Terrapin's Alberta No. 1 Geothermal Power Plant development near Grande Prairie, Alberta. This CAD ~$106MM project is supported with a CAD $25.42MM "spend and reimburse" grant from the Emerging Renewables Power Program – NRCan (Natural Resources Canada), of which ~$6MM has already been monetized.
Danny Hayes, CEO of TerraScale, emphasized the merger's potential for innovative financing and development models: "Our merger with Terrapin will introduce groundbreaking approaches, fostering rapid market growth and the expansion of renewable energy capacity. In tandem with the highly experienced management team at Terrapin, we believe Climate Transition Development is uniquely positioned to lead the global transition towards a more sustainable future."
"By combining Terrapin's technical expertise in geothermal development with TerraScale's proficiency in infrastructure development and project financing, we create a powerful synergy," said Marc Colombina, Vice President of Operations & Director at Terrapin. "Terrapin is proud to work with the TerraScale team to establish Climate Transition Development as a leading force in the global shift towards sustainable infrastructure and renewable energy."
About TerraScale Inc.
TerraScale is a green advisory and infrastructure development company reinventing the future of global sustainable development models. TerraScale places green energy at the center of its projects and solutions. Bringing together the best-in-class partners and service providers across technology, green engineering, real estate, energy construction firms, and more, TerraScale modernizes businesses and communities around the world- creating solutions and infrastructure that are future-proof. TerraScale is an official authorized reseller for Equinix, The World's Digital Infrastructure Company™. TerraScale is the winner of five prestigious design and architecture awards.
For more information, visit https://terrascale.org/.
About Terrapin Geothermics Inc.
Terrapin is a emission-free energy developer specializing in generating clean, baseload electricity and heating/cooling from industrial waste heat and deep geothermal resources. Terrapin utilizes its unique project development model to bring together the key players to identify, conceptualize, finance, design, construct, and operate its Heat-to-Value projects. Founded in 2016, it is privately owned and based in Edmonton, Alberta, Canada. Terrapin is the 100% owner Alberta #1 geothermal project which controls a CAD $25.42MM spend-and-reimburse Canadian government grant.
For more information, visit: https://www.terrapingeo.com/
Media Contact
Soheila Yalpani, TerraScale Inc., 1 (805) 262-7910, [email protected], terrascale.org
SOURCE TerraScale Inc.
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