A recent feature article in Time Magazine’s CO2 Futures series showcased the growing discussion around next-generation geothermal technologies, and how there’s a growing necessity to implement oil and gas expertise to rapidly scale geothermal energy. The article indicates that this necessity is born from limitations that have historically held geothermal back from being a viable baseload alternative to fossil fuels. Traditionally, geothermal power has proven cost-effective in regions with hot rocks close to the earth’s surface, such as the edge of the continental plate in California. Yet, this geographical niche has confined geothermal to a minor role in decarbonization efforts, constituting only 1.6 percent of the United States’ energy mix.

In a recent interview with the Globe and Mail, Eavor CEO John Redfern delves into the company’s patented technology and how it has been instrumental in achieving commercial success in a new age of geothermal exploration. The article describes how Eavor’s head office tells a unique story through the many patents on its walls, where each plaque signifies a trailblazing insight. Unlike wind and solar, Redfern explained that there was a stagnation of innovative breakthroughs for geothermal energy over the last several decades, and this held geothermal back from scaling globally.

For the second consecutive year in a row, Eavor has solidified a position among the top energy and power companies in the Global Cleantech 100 list of 2024. Eavor was also mentioned in the Trend Watch 2024 page, where it was listed as five of the forty-two energy and power companies that garnered investments from the Microsoft Climate Innovation Fund.

A recently published CBC article demonstrates great optimism for Canadian geothermal in the upcoming decade due to technological advancements, dubbing geothermal a “long-overlooked climate solution.” Eavor CEO John Redfern explains that knowledge of geothermal’s vast sources across the country has been known for a long time; however, economic viability to reach high temperatures in the subsurface was lacking, and restricted expansion.

Canada Growth Fund’s (CGF) investment into Canadian cleantech is estimated to catalyze more homegrown innovations, and according to a Canadian Bar Association publication, this will establish a new structure in energy legal frameworks. Elizabeth Burton, Gowlings WLG’s financial services practice group leader in Calgary, expresses excitement about this future circumstance, highlighting the CGF’s potential to cultivate a distinct Canadian expertise in technology development.

The hottest temperatures ever reached by a geothermal project could happen as early as 2026 in Iceland, where the Krafla Magma Testbed (KMT) aims to tap into the Krafla volcano’s magma chamber to access super-hot fumes. If successful, the article states that this project could promise immense geothermal energy at an unprecedented scale for Iceland’s population, at least ten times more power than conventional geothermal plants.