Project InnerSpace launches geothermal cold storage project in India under funding program

Project InnerSpace has announced the Tapri geothermal cold storage project in Himachal Pradesh, India as the first project under the new GeoFund program.

Project InnerSpace has announced that it will be supporting the Tapri Geothermal Cold Storage Project in the Kinnaur District in Himachal Pradesh, India as the inaugural project under its GeoFund program. The project will be executed by Iceland company Geotropy ehf.

The Geothermal Exponential Opportunities Fund (GeoFund) is a program by Project InnerSpace that seeks to enable first-of-a-kind geothermal pilot projects that, if successful could be replicated on a global scale. It utilizes philanthropy to derisk geothermal pilots with potentially huge benefits to community and the economy, but cannot secure traditional forms of project financing.

The village of Tapri in Himachal Pradesh is known for its apple orchards and horticultural produce. However, the lack of cold storage means that the harvest has to be sold quickly and often at low prices.

The proposed cold storage facility will provide 500 tons of storage and fruit dehydration capacity, reducing waste and allowing farmers to sell their produce at premium prices. It also grants more stability to the revenue streams of the farmers while creating more local jobs.

The Icelandic company Geotropy had previously also completed a geothermal-powered drying facility for fruits and nuts in the Kinnaur district.

“A widely recognized barrier to the rapid expansion of geothermal energy is the lack of pilot projects to demonstrate impact across the various technologies, applications, geologies, and geographies globally where it could be most impactful in economic development, energy security, and prosperity,” said Jamie Beard, Executive Director of Project InnerSpace.

“The Tapri pilot will tackle one of India’s most urgent agricultural challenges, lifting incomes, and proving a model to scale globally. We look forward to supporting the Geotropy team in the development of this pivotal project.”

Project InnerSpace that applications similar to the Tapri pilot may be scalable to millions of hectares of cropland globally. To facilitate replicability, GeoFund will open source the project outcomes and other related data. Pilots addressing other applications of geothermal energy in Asia, Africa, and Central and South America are currently being considered for future founding rounds.

RELATED: Project InnerSpace highlights India’s geothermal potential with GeoMap

Source: Project InnerSpace via PRNewswire

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