Eavor Technologies Inc. (Eavor), a leader in scalable geothermal technology, has completed a US$40 million funding round. These investments, and the partnerships formed around them, are critical to the commercialisation of the technology and to help Eavor scale its extensive project pipeline.
The company’s technology, known as Eavor-Loop™, uses the natural heat of the earth as a giant rechargeable battery. Fluids are heated by the earth and circulated in a closed network of underground wellbores, unlocking a reliable and consistent energy source. This technology differs from other forms of geothermal in that it is a scalable ‘go anywhere’ solution, harvesting geothermal heat to generate dispatchable power with zero emissions.
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 dispatchable nature of its design also makes it a form of energy storage and thus singularly complementary to intermittent power sources like wind and solar.
The investments will also bolster the company’s ongoing research and development efforts to drive the cost of Eavor-Loop's, clean dispatchable power to a price point that is competitive in all markets.
Felipe Arbelaez, bp’s Senior Vice President for Zero Carbon Energy, said: “We see Eavor’s potential to be complementary to our growing wind and solar portfolios. 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.”
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Read the article online at: https://www.energyglobal.com/other-renewables/16022021/eaver-completes-geothermal-funding-round/