IITB initiative to tap geothermal energy

Geosyndicate Power, an IIT Bombay (IITB) initiative, has joined hands with Australian firm Panax Geothermal, to develop technology to tap the country's geothermal energy resources.

Geothermal power is energy generated by heat stored beneath the earth's surface and is clean and sustainable.

The joint venture will work in Puga valley in the Himalayas and geothermal fields in Andhra Pradesh, where the Indian firm has exploration and development rights. Panax Geothermal, is listed on Australian Stock Exchange (ASX).

Geothermal energy is mainly tapped from two sources, hot springs or hard hot rock surface, and India is rich in the latter form, sources close to the development said.