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.
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.
About Eavor:
Eavor (pronounced “Ever”) is a technology-based Energy company led by a team dedicated to creating a clean, reliable and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean dispatchable power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid which is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This “radiator” simply collects heat from the natural geothermal gradient of the Earth via conduction, at geologically common and drilling accessible rock temperatures. Further inquiries: Eavor Technologies Inc.: www.eavor.com