Borealis to drill this year

borealis geopower geothermal power canoe reach valemount
Research site for the Canoe Reach geothermal project. / RMG FILE PHOTO

Company looks to merge with investment firm

by EVAN MATTHEWS

A Toronto based investment firm is merging with the Robson Valley’s most well known geothermal research and development company, Borealis Geopower. P. Squared Renewables — a Capital Pool Company — announced the two companies have reached an agreement resulting in Borealis becoming a wholly owned subsidiary of P. Squared.

The transaction is not yet complete, but will be soon, according to Borealis. P. Squared Renewables expects the transaction to be completed by the end of September 2017, and, “in any event, no later than December 2017,” according to a statement from the company.

A Capital Pool Company (CPC) is made up of a group of initial investors who come together, and then open the company up for an Initial Public Offering (IPO), which allows the public to invest, according to the Toronto Stock Exchange. The original investors in combination with public investment forms a CPC, and increases the company’s total shares, and in turn its overall value and its ability to invest in capital projects.

“We have drilling authorization for an area near the marina, and the Griffin Sawmill area. Of course, we need funds to be able to complete that work. We are taking concrete efforts to make sure we execute flawlessly,” — Alison Thompson, principal with Borealis GeoPower

If completed, the transaction between Borealis and P. Squared signals investors’ readiness to invest in new projects, according to Alison Thompson, a principal with Borealis Geopower.

“We’re the first company (P. Squared) has chosen to work with,” says Thompson.

“The transaction has been announced, but it is not closed,” she says.

Borealis has been exploring and researching the Canoe Reach area for the better part of seven years, going back to 2010.

After completing seven years of fieldwork, Thompson says Borealis is ready to drill and will do so this year.

“We have drilling authorization for an area near the marina, and the Griffin Sawmill area,” says Thompson.

“Of course, we need funds to be able to complete that work. We are taking concrete efforts to make sure we execute flawlessly,” she says.

Borealis is a Renewable Geothermal Energy Company based in Calgary, Alberta with plans to access heat from geothermal wells to produce renewable power and heat. The Company has two geothermal energy projects in B.C., both of which are in the exploration stage and are drill bit ready.

After Borealis produces its geothermal wells, organizations like the Valemount Geothermal Society (VGS) can become Borealis’ customers, purchasing the use of the hot water. Currently, VGS is developing a “Hot Pool Project” in the Canoe Reach area.

Borealis’ flagship project is the Canoe Reach Energy Project located in Valemount, where the Company intends to build a 15-Megawatt Powerplant. The Company plans to sell the power to B.C. Hydro, and to other customers via direct electricity sales.

As part of the Canoe Reach Energy Project, the Company intends to also build “Sustainaville”, a geothermal energized commercial “Geo-Park,” offering geothermal renewable power and heat alternatives along with the ability to grow a diversified local economy supporting food, forestry, mining, tourism and community district heating.

Borealis’ other project is the Lakelse Lake Energy Project located near Terrace, B.C.

  • Tycho

    This sounds like it could be great for Valemount. It could also be a great way to reduce reliance on wood for heating and improve the town’s poor air quality in the winter.

  • Alison

    Thanks for the article, Evan.
    Borealis will also be posting project updates on our website: http://www.borealisgeopower.com