GEOTHERMAL BOSS QUITS BUT STILL HOPEFUL

Written on the 15 July 2010

GEOTHERMAL BOSS QUITS BUT STILL HOPEFUL

GERRY Grove-White might have resigned as Geodynamics (GDY) managing director, but he remains hopeful of the geothermal industry’s potential. This despite his company’s woeful performance on the share market this year.

The Federal Government’s withdrawal of the emissions trading scheme (ETS) following two rejections by the Senate has done no favours for the geothermal industry, but Grove-White looks forward to GDY’s further development.

“My view that geothermal energy is absolutely key for Australia hasn’t wavered. Geodynamics needs to forge ahead with this development if the country is to reach its renewable energy target and reduce its carbon emissions,” he says.

“My decision to step down has been guided by the fact it has been 45 years since I walked through the gates of my first power plant and the time has come for me to pursue interests outside day-to-day management.”

The GDY share price has dropped by more than 50 per cent since early this year, when Grove-White told Brisbane Business News ‘this is a venture that the faint-hearted shouldn’t join in’.

Former head of Woodside Petroleum’s North West Shelf project and GDY non-executive director Dr Jack Hamilton will take over as interim managing director.

“On behalf of the board of directors, I want to express our thanks to Gerry for the passion and drive he has displayed during his time with Geodynamics,” says Hamilton.

“He has been instrumental in securing investment in the company, as well as progressing our field operations and building our operational capability to deliver the forward work program.

“I look forward to continuing the progress already underway with the Geodynamics team to drive our 1mW Power Plant into production and setting up for the 25mW commercial demonstration plant.”

Geodynamics chairman Martin Albrecht will also retire from the board in November when Geodynamics holds its AGM.


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