Cradle Resources (ASX:CXX) has announced plans to acquire Volt Geothermal and Within Energy as part of its transition into the renewable energy sector.

The company said the deal includes the acquisition of geothermal assets in Queensland and South Australia - geothermal energy is a renewable source that creates energy from heat sourced within the earth and is available 24/7.

It also said the proposed Managing Director of Cradle Resources is Matt Kay, a former Managing Director of Beach Energy Limited.

Pending shareholder approval for the transaction Cradle Resources will also undertake a capital raise of $6M to fund project work and for working capital purposes.