SYDNEY, AUSTRALIA: Cradle Resource, a mineral exploration and development company, has announced that it has entered into a binding agreement to acquire Volt Geothermal Pty Ltd and Within Energy Pty Ltd, two companies focused on geothermal energy projects in Australia.

The acquisition, which is subject to shareholder approval and other customary conditions, will mark Cradle Resource’s transformation into the renewable energy industry, with the aim to become Australia’s leading geothermal company.

Geothermal energy is a form of renewable energy that uses heat from the earth’s crust to generate electricity or provide heating and cooling. It is different from other renewables by providing 24/7 baseload power, and it is already used in over 30 countries around the world.

Cradle Resource said that it has assembled a portfolio of prospective and advanced geothermal opportunities in both South Australia and Queensland, near existing infrastructure and customers for early commercialisation. The company also said that it has established a high calibre team of energy industry leaders to execute its strategy.

The company said that geothermal energy has proven technology, major industry support from both federal and state governments, and a growing market potential in the Asia Pacific region, estimated to reach US$3.2 billion by 2030.

Cradle Resource’s CEO, John Smith, said: “We are excited to announce this transformational transaction, which will position Cradle Resource as Australia’s leading geothermal company. We believe that geothermal energy is the future of renewable energy, as it offers reliable, clean and cost-effective power generation. We have secured a portfolio of high-quality assets in strategic locations, and we have assembled a team of experts to deliver on our vision. We look forward to creating value for our shareholders and stakeholders as we pursue this exciting opportunity.”