The latest announcement from Australia’s Brisbane-based Geodynamics Limited [ASX:GDY (Yahoo) or (ASX fact sheet)] outlines some of the company’s plans for 2008.

Geodynamics Prepares For Landmark Year (January 15, 2008)

Geodynamics Limited has outlined several milestones for the coming year that it believes will ultimately result in Australia having a very significant and cost competitive clean energy resource comparable to its gas resources in Western Australia.

The first megawatts (MW) of geothermal power produced from the Cooper Basin and the final design of a 50 MW power plant for commercial operation are just two of the landmark events planned for Australia’s most advanced geothermal energy company.

(for an introduction to the company, the rest of this announcement is worth a read)

Geodynamics listed on the ASX in September 2002, is categorised in the GICS Industry Group Utilities, and has a current market capitalisation of around A$319m.

A look at their website is well worthwhile for a wealth of detailed information about the company, for example the top 20 shareholders list that includes a 9.85% stake by Origin Energy [ASX:ORG (ASX fact sheet) or (Yahoo Finance)] and 6.16% by Woodside [ASX:WPL (ASX fact sheet) or (Yahoo Finance)].

Geodynamics aims to become the leading renewable energy company in Australia, currently taking a focused path with the hot fractured rocks (HFR) geothermal electricity generation technology.  Their plans involve design finalisation for a 50 MW power plant (50,000 households base-load) during 2008, with commercial operation planned for 2012. The plant will produce zero emissions with zero water requirements. Production output will then be expanded to 500 MW by 2016, based on ten 50 MW power plant modules to be constructed progressively from 2010.

ClimateInvesting will definitely be watching for progress and will conduct further research into the technology and its prospects in due course.