Chevron, BP Back Eavor Technologies in $40M Round
February 16, 2021
Eavor Technologies has completed a USD$40 million
(CAD$50.7 million) funding round. These investments, and the
partnerships formed around them, are critical to the commercialization
of the technology and to help Eavor scale its already extensive project
pipeline.
Eavor’s technology, known as Eavor-Loop, uses the natural heat of the
earth like 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. Eavor’s 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 Eavor-Loop™ a form of
energy storage and thus singularly complementary to intermittent power
sources like wind and solar.
The investments will also bolster Eavor’s on-going 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 svp 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.”
John Redfern, President & CEO, Eavor Technologies Inc., added: “I am
delighted that with the funding closed in this round we can look forward
to bringing down the cost of clean, dispatchable power to a universally
competitive level – an important milestone for renewable energy. 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.”
