The Brisbane-based company raised $11.5 million through a float at 50 cents a share. The shares closed at 51c, after trading as high as 54c.
Geodynamics plans to use the funds to test the concept of pumping down cold water to be heated underground, before returning it to the surface as steam to power an electricity turbine. The company estimates that the latent thermal energy is equivalent to 50 billion barrels of oil.
One individual who would have been pleased with Geodynamic's market debut would be Ross Mining founder Bertus de Graaf, who is best known for convincing Delta Gold to pay $100 million for Ross Mining just three months before strife in the Solomon Islands forced Delta to close Ross's Golden Ridge mine and write-off the entire investment.
