Trading under the ticker “TEY”, the Perth-based company’s 20c shares hit the boards at 35c.

Torrens raised $6 million in an initial public offering that was oversubscribed and subsequently closed early.

The funds will be spent assessing its portfolio of 14 geothermal licences, covering three separate areas in South Australia.

“Torrens’ successful IPO reflects strong interest in the company and the public’s appetite for investment in the alternative energy sector,” Cygnet Capital director Darien Jagger said at the time. Cygnet was lead manager to the raising.

“This sentiment has been fuelled by recent unprecedented press and a groundswell of public support for a technology that may provide some welcome relief to Australia’s high level of carbon contributions.”

Upon listing, Torrens' CEO Chris Matthews said his company had the potential to become a dominant player in efficient, reliable electricity generation.

"The unusually hot rocks known to occur in South Australia represent a vast, untapped reservoir of energy and we have been the first to recognise this in areas close to Adelaide, securing 14 GELs and confirming their prospectivity," he said.

"Unlike most other geothermal exploration within Australia, our highly prospective GELs are close to established electricity markets already experiencing supply pressures."

Torrens said it had already completed work that has confirmed the prospectivity of its licence areas, while drillhole temperature data and rock thermal property measurements have also been completed and independently verified.