Loan to launch division

Geocore Site Investigations has secured a £70,000 Selective Finance for Investment grant from One NorthEast to expand its business and launch its new geothermal drilling division.

The new division will provide the drilling and installation of geothermal wells to accommodate heating systems, giving businesses across the region the opportunity to install geothermal heating into their premises.

The funding will enable Geocore to move into larger premises and create 16 new jobs, which will include drillers, laboratory technicians and administrators. There will also be four positions offered to geology graduates, who will be given the opportunity to work on many diverse and exciting projects nationwide.

Geothermal heating systems work by pumping cool liquid into underground pipes where it is warmed by natural ground heat. This warmed liquid then returns to the surface where a pump extracts the heat into the building and returns cold liquid back down into the underground pipes. The company will install geothermal heating into its new purpose built premises to fully demonstrate the system and its workings to potential clients.

Geocore Site Investigations managing director Adam Woodhead said: ‘The grant support from One NorthEast has been a great boost for our business, allowing us to break into the geothermal market, expand our capacity and create a number of valuable new positions.’

He added: ‘Geothermal heating is a growing market as the system has reduced impact on the environment and is more economical to run than most fossil fuel heating. It is therefore crucial to companies at a time when they need to consider rising energy prices and the need to reduce carbon footprint.’