About Geodynamics
Geodynamics Limited was registered as a public company in November 2000. The Company was formed solely to focus on developing renewable geothermal energy generation from hot fractured rocks (HFR) in Australia.
It is the leading Australian geothermal exploration and development company. Geodynamics possesses some of the best geothermal resources in the world (within the Cooper Basin, South Australia) and is rapidly developing technology to exploit that resource.
Geothermal energy has the potential to be a critical element of Australia’s future power generation and Geodynamics is at the forefront of development.
The Company was formed by Dr. Doone Wyborn and Dr. Prame Chopra from the Australian National University in Canberra (leading experts in HFR geothermal energy), and Dr. Bertus de Graaf.
Geodynamics was funded by initially raising more than $1 million dollars in seed capital in 2001. It then secured two geothermal exploration licences in South Australia and two in New South Wales, including its outstanding world class resource in the Cooper Basin. After successfully raising $11.5 million, Geodynamics listed on the Australian Stock Exchange on 12 September 2002, and together with a $5 million R&D Start grant from AusIndustry it initially had gross funds of $16.5 million for its Stage 1 development program.
The Company raised a further gross of $61.6 million to the end of 2005 to support its Stage 1 program and also fund the licence acquisition of the patented Kalina Cycle heat to power conversion cycle. In 2007, the Company successfully completed a $49.8 million raising under its Prospectus dated 14 March. The funds were used partly to pay for the purchase and shipping of a new $32 million advanced drilling rig that arrived in Australia on 30 June 2007 as well as the drilling of the Habanero 3 production well and the completion of the Stage One reservoir circulation test.
In March 2009, Geodynamics announced that it had successfully proven its ability to extract heat from hydraulically stimulated hot fractured rock to create power. The achievement of 'Proof of Concept' is one of the major milestones for Geodynamics since its inception nine years ago and marked the completion of Stage 1 of its three stage business plan.
Refer to the Progress to Date section for more information on Stage 1, or visit the Geodynamics Business Plan for more detail on the three stage plan to commercialise geothermal energy using EGS technology.
The Geodynamics Board comprises Mr Martin Albrecht (ex CEO of Thiess) as Chairman, Mr Banmali Agrawala (Tata Power group), Mr Pieter Britz (Sentient/Sunsuper), Dr Prame Chopra (Alternate Director to Mr Agrawala), Mr Robert Davies (ex Inco Ltd), Dr Jack Hamilton (ex Director of Woodside Energy Ltd), Mr Keith Spence (ex Woodside) and Mr Andrew Stock (respresenting the cornerstone investor Origin Energy Limited).
The day-to-day management of the Company is in the hands of Dr Jack Hamilton (Managing Director) and Stuart McDonnell (Chief Operating Officer) as well as key management comprising Mr Paul Frederiks (Company Secretary and CFO), Mr Alistair Webb (Commercial Manager), Mr Kevin Coates (HR Manager) and Ms Melanie Manton (Chief Information Officer). The full Management Team can be viewed here.
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