Source: Eavor Technologies
The race for breakthrough geothermal technologies is heating up. The latest push came this month when the venture arms of BP and Chevron led a $40 million investment round in a startup company called Eavor Technologies.
Calgary-based Eavor (pronounced as “Ever”) is the developer of a closed-loop geothermal system that it says is able to transform the subsurface into “a giant rechargeable battery.” With new funding from the oil majors and others, Eavor’s plan is to scale up and generate enough electricity to power the equivalent of 10 million homes by 2030.
“The involvement of companies such as BP and Chevron represents a fantastic endorsement of our technology, the progress we have made to date and the promise for its global scalability,” John Redfern, president and CEO of Eavor, said in a statement.