collaboration, as both CeraPhi and Weatherford are committed to expanding geothermal energy development.

Weatherford has decades of experience in geothermal projects and is committed to delivering innovative solutions that integrate proven technologies with advanced digitalisation to create sustainable offerings for maximized value and return on investment. The initial focus of this agreement is to support CeraPhi’s development and existing opportunities of repurposing end-of-life oil and gas wells in the UK and USA. CeraPhi’s first UK commercial demonstrator is underway and is planned to be complete by July 2023.

The CeraPhi team is focused on its front-end resource modelling. Weatherford will support the Digitalisation and Data Acquisition of CeraPhi’s patented technology CeraPhiWell™, a closed loop downhole heat exchanger that draws up subsurface heat for different applications for scalable baseload energy, including:

· Low Temperature Climatised Agriculture

· Medium Temperature Heat Networks

· Medium Temperature Heating Systems and Industrial Processes

· Desalination and Water Treatment

· Power Generation

· Green Hydrogen through Electrolysis

CeraPhiWell™ is at the heart of CeraPhi’s strategy to de-risk geothermal energy scale-up using end-of-life and non-producing oil and gas wells and prove the “huge commercial potential” for geothermal energy production. In addition, CeraPhi supports efforts to enable

access to over 500GW of additional geothermal energy by 2050 in line with the Paris 2050 Climate Accord for carbon reduction.

Karl Farrow, CeraPhi CEO, said, “This is a very exciting stage of CeraPhi’s commercialisation and totally in line with our strategic plan to align ourselves with serious execution and delivery partners who believe in the tremendous opportunity for Geothermal and have the ability to scale globally. Scaling the geothermal opportunity is key to reducing cost and making geothermal energy the baseload energy of choice everywhere for everyone. The lessons learnt, services and skills from the oil and gas service sector are key to this transition and Weatherford has been a leader in the field of innovation and technology for data acquisition from wells for many years, which is perfect for this collaboration. This collaboration is a natural fit and could be game-changing for geothermal’s role in the energy transition and have a revolutionary impact on the onshore oil and gas sector’s late life and ‘orphaned’ wells.”

Matt Foder, Weatherford Senior Vice President of Innovation and New Energy, commented, “We believe geothermal energy will play an essential role in the energy transition and are proud to have been a leader in delivering results in such projects for more than 25 years. We look forward to collaborating with CeraPhi and leveraging our proven track record of providing digitally enabled solutions to our customers to unlock even greater geothermal energy opportunities.”

Geothermal is a form of renewable energy taken from heat derived from the earth’s subsurface, and CeraPhi Energy’s Closed Loop Solution makes geothermal available everywhere and anywhere. Geothermal is one of the cleanest forms of energy and can be applied as a direct power source as well as for heating and cooling utilities.