Big oil companies invests in startup that drills for clean energy
P and Chevron, new investors in Eavor Technologies Inc. include Temasek Holdings Pte Ltd, BDC Capital Corp, Eversource and Vickers Venture Partners.
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Eavor Technologies plans to expand geothermal power beyond places like Iceland that have volcanic conditions
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Companies including the venture arms of BP Plc and Chevron Corp. invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface.
Eavor Technologies Inc. plans to expand geothermal power beyond places like Iceland that have volcanic conditions. The technology could be a way to replace fossil fuels and nuclear power plants as a low-carbon source of electricity that can be dispatched to the grid whenever it’s needed.