Dr. PohHui Chia, Director at Vickers Venture Partners, emphasized the firm’s mission to invest in deep tech companies that tackle critical global challenges while generating meaningful social and environmental impacts; and exemplified Eavor as a company that can help achieve those goals. The article explains Eavor’s aim to provide a clean, consistent energy source without emissions, fracking, or a significant surface footprint. Therefore, Eavor’s technology mitigates challenges traditional geothermal sources have faced in the past, the most prominent being global scalability.

The 2024 Future of Climate Tech report by Silicon Valley Bank highlights significant advancements in geothermal technology and the Department of Energy’s initiatives aimed at drastically reducing production costs, potentially establishing geothermal energy as a key baseload power source. The 2024 Future of Climate Tech report by Silicon Valley Bank highlights key trends and innovations in cleantech for the past year; notably, the Department of Energy’s (DOE) recent initiatives that could dramatically reduce geothermal production costs. Initiatives such as these could position geothermal technologies as a vital baseload power source.

An article written by Bundesverband Geothermie, aimed to promote their new municipal heat planning campaign, emphasizes the dual benefits of boosting the economy and creating climate-friendly energy solutions. This resource is believed to be especially promising for regions like Upper Rhine Graben, southern Germany, and Rhine-Ruhr. To utilize this, the article argues that municipal heat plans are crucial, placing the responsibility on cities and municipalities. Geothermal energy is said to be integral to these plans due to its significant potential for decarbonization.

The Calgary Herald recently reported that Alberta is surpassing British Columbia in securing venture capital investments this year, with Eavor recognized as a leading company that is assisting in driving this influx of capital. According to a report from the Canadian Venture Capital Association (CVCA), Alberta secured $383 million through 41 deals in the first half of the year, compared to B.C.’s $288 million across 43 deals. This has allotted Alberta as one of the top three provinces, along with Ontario and Quebec, attracting the most venture capital in Canada.

According to Reuters, A new law is being drafted in Germany to expedite the approval process for new geothermal opportunities, according to an article in Reuters. This new law aims to increase the development of geothermal plants, heat pumps and heat storage systems to gradually replace fossil fuels in the country’s heating system by 2045. In alignment with this initiative, Eavor has partnered with Hanover-based sustainable energy company enercity, signing a heat supply agreement that marks a significant step forward in achieving a cleaner heating system for Germany. The project will provide up to 30MW of geothermal power annually, supplying 250 million kilowatt hours of heat to around 20,000 homes starting in 2026.

As the accelerating deployment of variable wind and solar resources pushes us ever closer to Net Zero – or the state whereby we’re not emitting any more greenhouse gas emissions into the atmosphere than we are simultaneously removing – we increasingly need to deploy both battery storage as well as dispatchable renewable baseload generation. But despite its ability to serve as dispatchable renewable baseload, geothermal energy today accounts for less than 1% of the world’s primary energy supply.