Free Energy Solutions which is a wholly owned subsidiary of Fairfax Capital will form a joint venture with Oris Geothermal Corporation to develop a Thermal Energy Network . This in combination with a utility will serve commercial and residential customers in British Columbia , Canada. The deal which could generate revenue by the 2nd Quarter of 2008 would see about 1900 households and 20,000 plus square meters of commercial space receive geothermal energy to replace heating and air-conditioning needs.
While this is a small scheme , its implications could be wide as it serves to demonstrate how new technology can save lots of money (it is estimated that as much as 75% in energy consumption can be saved) while at the same time becoming more carbon efficient. Both companies are involved in prompting new technologies which save energy and use geothermal power.
