Strategic Agreement between Geothermal International Limited and Greenrock Energy Limited
15th May 2008
Geothermal International Limited (GI) and Greenrock Energy Limited (Greenrock) have signed an agreement today for the provision of Ground Source Heat Pump (GSHP) systems and their installation and funding.
Under the terms of the agreement, Greenrock will fund the capital costs of installing and maintaining the GSHP system in its customer’s premises. The customer will pay Greenrock for the energy supplied from the GSHP system under an energy supply agreement. GI will provide Greenrock with a complete installation service, from initial site appraisal, system specification, system installation and commissioning and on-going maintenance, once the system is commissioned.
Under the terms of the agreement, GI will have first refusal on installing Greenrock’s GSHP systems and Greenrock will have first refusal on financing systems introduced to it by GI.
Calum Innes, CEO of Greenrock said, “We are delighted to have signed this agreement with GI. GI has the lion’s share of the burgeoning commercial market for GSHP systems in the UK and has a significant track record in the successful installation of large scale GSHP heating and cooling systems, which is our target market. GI has the expertise to offer a one stop shop from appraisal through to installation and commissioning of the systems.”
Brian Davidson, CEO of GI said “The agreement with Greenrock will enable us to offer a financing package for GSHP systems to our commercial customers. We anticipate that Greenrock’s funding packages will greatly increase our sales conversion rate.”
