As fossil fuel prices rise due to armed conflicts and instability in the Middle East, renewable energy sources are emerging as an increasingly important alternative. Solar energy continues to dominate, but due to its instability, more reliable sources such as geothermal energy are in greater demand. In Croatia, geothermal energy is still significantly underutilized.
One of the local communities seeking to tap into this potential is the City of Ludbreg. Recently, it became a co-owner of Lunergy Geo with a 2% stake. Geothermal potential exists in the Ludbreg area, and due to its tectonic characteristics, hot water is located relatively close to the surface. To accurately determine this potential, at the beginning of last year the company Lukom received a permit from the Croatian Hydrocarbon Agency to carry out exploration works, including the drilling of an exploration well.
At the end of March, the company Lunergy Geo d.o.o. was established with its headquarters in Hrastovsko. The majority owner is private investor Tomislav Krsnik, while the City of Ludbreg entered the ownership structure with a minority stake.
The company was founded with a clear vision of developing the geothermal field in Ludbreg and recognizing its potential for the production of clean and reliable energy — stated director Tomislav Krsnik. According to him, the establishment of the company is the result of a strategic need to accelerate the energy transition in Croatia, while simultaneously stimulating local economic development.
Krsnik emphasizes that the project requires the application of modern technologies and high professional standards. To achieve this goal, the involvement of foreign partners is essential, as there is almost no such experience in Croatia. The total estimated investment in the exploration and early development phase amounts to around 5.5 million euros, while potential exploitation would require an additional 6.5 million euros. Following negotiations, the Canadian company Earth 2 Energy Solution Inc. was selected as the strategic partner.
