4th Resource Corp. and Ethiopia Investment Holdings (EIH) have inked a Memorandum of Understanding (MoU) for the development of the Harmokale Geothermal Project in Ethiopia. The move is step towards sustainable energy development in the country.
The sealed MoU includes exploration, development and operation of the project. It is expected to make a substantial contribution to Ethiopia’s energy mix. Geothermal energy is a renewable resource, and by harnessing it, the project can help reduce the nation’s reliance on fossil fuels, thereby reducing carbon emissions.
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Sustainable future
The project is also a gate path for job opportunities for local communities which further stimulate economic growth in the region. Both 4th Resource Corp. and EIH are emphasizing environmentally conscious and socially responsible energy production. This aligns with global efforts to combat climate change and promote sustainable development.
“This partnership reflects our dedication to harnessing clean and renewable energy sources to power a sustainable future. Ethiopia boasts immense geothermal potential, and with the combined efforts of 4th Resource Corp. and Ethiopia Investment Holdings, we are poised to unlock this potential and create a model for sustainable development. Moreover, the partnership will prioritize capacity building, knowledge transfer, and technology sharing to empower Ethiopians with the skills and expertise needed to sustain the geothermal industry’s growth in the long term,” stated Phil Harms, CEO of 4th Resource Corp.
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