BusinessNZ welcomes funding to explore potential of supercritical geothermal technology

BusinessNZ welcomes the announcement of $60 million in R&D funding to explore the potential of supercritical geothermal technology.

Director of Advocacy, Catherine Beard says if this technology pans out it could be a game changer for New Zealand in terms of providing abundant energy that is climate-friendly and reliable, helping to balance out a highly renewable electricity system.

"BusinessNZ is currently working with Major Company Group members and the BusinessNZ network on a Future Vision for New Zealand, looking 30 years ahead, and one of the questions we are asking is what our global competitive advantage might be.

"It could be green electricity which will be in demand from energy intensive industries including data centres, generative AI, the film industry, hydrogen production and anything that uses a lot of electricity.

"If this project is successful, this could well be a global competitive advantage in the future, attracting investment in new industries while boosting investment in existing industries," Catherine Beard said.