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Eavor Technologies – a Canada-based geothermal energy start-up has received backing from global oil giants Chevron and BP for its geothermal technology.
Eavor has secured USD 40 million in the funding round along with few partnerships which are pivotal for the commercialisation and increasing the scalability of the technology and the Company’s existing project pipeline.
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The technology which is known as Eavor-loop™ utilises the natural heat of the earth like a giant rechargeable battery, in which, fuels are heated by the earth. Furthermore, the fuels are then circulated in a closed network of underground wellbores, providing a reliable and consistent source of energy.
The renewable energy technology of the Company differs from traditional forms of geothermal energy in that it is scalable and one-of-a-kind “go anywhere” solution that harvest geothermal heat while dispatching power with zero emissions.
Furthermore, the technology also delivers environmental benefits while holding the potential to directly replace conventional forms of baseload power such as coal and nuclear. Additionally, the same also acts as a form of energy storage due to its dispatchable nature and design, making it singularly complimentary to intermittent power sources like wind and solar.
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Eavor mentioned in an announcement that the recent funding secured would also be utilised in bolstering the technology to drive its cost to a price point where it could become competitive in the market.
Commenting on the matter, Felipe Arbelaez (BP SVP Zero-Carbon Energy) mentioned that BP sees Eavor’s potential complementary to its solar and wind portfolios, and BP’s expertise and experience would bode well to give a push to Eavor’s growth.
Apart from securing funding the development of the technology, Eavor has also made addition to the Advisory Board with Dr Malcolm Ross – a renowned Black Swan Detector, and Dr Eric van Oort – a Closed-Loop Geothermal enthusiast joining the company.
Dr Malcolm Ross is an innovation-focused geoscientist who has worked with New Energies Research & Technology Team at Shell working on pre-strategic opportunities in New Energies Space, especially geothermal energy.
Dr Eric Van Oort holds a 20-year industry career with Shell Oil Company and has become professor in Petroleum Engineering at the University of Texas at Austin in 2012. Mr Van holds a PhD in Chemical Physics and has authored over 200 technical papers while holding 14 patents.
