Eavor Technologies, a leading provider and developer of geothermal energy solutions, headquartered in Canada, has secured USD$40 million in funding with the support of oil major BP, the company announced this Tuesday.
Firstly, the funding was secured through a bidding round; ensured for Eavor not just the capital but also critical partnerships like the one with BP. Secondly, the capital will favor the company’s commercialization of its technology; and also, will push the growth of its existing pipeline.
Eavor’s technology is known as Eavor-Loop; as geothermal, it uses the heat from the earth “like a giant rechargeable battery.” Through a closed network of wellbores it heats fluids; taking this natural resource as a reliable energy supply.
Moreover, the company’s technology differs from other geothermal sources as it is scalable and movable, “it can go anywhere”, the company statement says. In addition, as it harvest natural heat from the earth it generates zero emissions.
In this regard, the secured investment will also bolster the company’s on-going research and development efforts; especially to drive down the costs of its technology, therefore making it more competitive in all markets.
Also recommended for you: Brookfield sells North American energy district Enwave for 4,1 billion
Geothermal, critical add for renewable energy
“In addition to Eavor-Loop’s™ environmental benefits, the consistency of its heat harvesting gives it the potential to directly replace the traditional forms of baseload power; such as coal and nuclear,” the company underlines.
In addition, Felipe Arbelaez, BP’s senior vicepresident, said about the funding. “We see Eavor’s potential to be complementary to our growing wind and solar portfolios. Consequently, our expertise and experience also makes bp well equipped to support Eavor’s growth.”
“Technology such as Eavor’s has the potential to deliver geothermal power and heat and help unlock a low carbon future,” he concluded.
Finally, John Redfern, CEO at Eavor, said. “The involvement of companies such as bp and Chevron represents a fantastic endorsement of our technology; also, to the progress we have made to date and the promise for its global scalability.”
“I am delighted that with the funding closed in this round we can look forward to bringing down the cost of clean, dispatchable power to a universally competitive level.”