Foresta Group Holding (ASX:FGH) said its New Zealand unit signed an agreement with the country's Energy Efficiency and Conservation Authority (EECA) to study the potential use of geothermal steam at the company's planned biomass facility in Kawerau, according to a Monday filing with the Australian bourse.
The feasibility study led by engineering and advisory firm Aurecon will assess low-carbon process heat options, the filing said.
The company will contribute NZ$30,000, while EECA will provide NZ$20,000, the filing added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.