Bill passed in New Mexico set to boost substantial geothermal power in the state
The New Mexico Senate unanimously approved three new bills prioritizing environmental initiatives, notably including House Bill 91, or the Geothermal Resources Project Fund. This legislation allocates $2.5 million towards future geothermal energy projects, tapping into the Earth’s subsurface heat for electricity generation, hot water provision, and heating and cooling solutions. Additionally, the bill establishes a geothermal projects fund and revolving loan fund to facilitate grants and loans for project financing and cost-benefit studies.
RBC Climate Action Institute platforms Eavor as a case study in reducing Canadian emissions
RBC Climate Action Institute has introduced Eavor as a case study for how to tackle challenges Canada faces in transitioning away from fossil fuels. Eavor’s technology, as explained by Redfern, taps into the immense potential of geothermal energy by harnessing the heat from hot subsurface rock, a resource readily available across the globe. This innovative approach not only yields zero greenhouse gas emissions and mitigates air pollution but it also minimizes water usage and has a small surface footprint.
Go-Anywhere geothermal estimated to be close to a $1 trillion investment breakthrough
Geothermal is estimated to be near a “breakthrough” that could accumulate US$1 trillion in investments by 2050, according to a recent article published by Wood Mackenzie. While conventional geothermal is restricted to niche geologies that have a high thermal gradient at a shallow depth, Next-Generation Geothermal has the capacity to be implemented across the planet. In Eavor’s case, Eavor-Loop™ systems can extract energy from zero permeability rock with an average thermal gradient, which is more common to find in subterranean landscapes.
National Observer Advocates Eavor’s Geothermal for District Heating Networks in Canada
An article in the National Observer, an opinion piece that advocates for geothermal as a replacement for fossil fuels in Canada’s district heating networks, highlights Eavor as a key entity in a transition to zero-carbon energy. Within the context of climate change and Canada’s environmental policies, the article affiliates Next-Generation Geothermal as the main contender to seamlessly reduce emissions and provide clean energy that’s always-on.
Eavor-Loop™ Feasibility for Tilburg (Amer network) and Outlook for application in the Netherlands
The energy generation and consumption in the Netherlands is slowly but steadily shifting away from fossil fuels towards renewable energy sources, such as offshore wind, and solar, thereby reducing greenhouse gas emissions. In order to improve renewable energy security and affordability, other sources of renewable energy, like geothermal energy, need to become part of the energy mix in the near future. At present, the majority of geothermal wells in The Netherlands are shallow wells, but deeper wells with high power output will be required to make a larger contribution to the overall energy supply. In this light, the ELFO project assessed the feasibility and economic viability of a deep well system: the Eavor Loop, consisting of 12 multi-laterals. The consortium of TNO (independent research institution), Eavor (geothermal energy company), Huisman Geo BV (drilling equipment & research) and EnNatuurlijk (operator of district heating) evaluated the suitability of this technology as primary heat source for city heating networks in the Tilburg area and for possible wider adaption in the Netherlands.
Next-generation geothermal energy scaling worldwide at an unprecedented rate
Geothermal energy has become one of the fastest-growing non-mainstream clean energy technologies in the world, according to S&P Global Commodity Insights. While conventional methods for harnessing geothermal power have been limited by geographical and geological constraints, next-generation technologies have innovated to unlock virtually unlimited potential. Over the past three years, the rise of start-up companies and substantial investments from major energy players underscores the rapid growth of next-gen geothermal. These advancements have raised over $630 million in funding and garnered support from leading global energy companies.
Eavor signs a geothermal action plan in the Netherlands
In an ongoing effort to develop clean and reliable energy for the Netherlands, Eavor has recently signed an action plan to accelerate geothermal energy in North Brabant. This initiative, driven by the province of North Brabant, the municipality of Helmond, and the Dutch government -owned company EBN B.V., aims to accelerate geothermal energy production in the region. Initiatives outlined in the action plan will focus on areas such as addressing obstacles in the Ruhr Valley, enhancing geological data accuracy, mitigating financial risks, and optimizing existing heating networks for sustainability. Additionally, the plan includes research into the potential of shallow geothermal energy.
Eavor’s CBO Paul Cairns demonstrates investment potential of Eavor’s technology
An opinion piece written by Eavor’s Chief Business Development Officer Paul Cairns was recently published in The Future Economy, highlighting the vast potential of investing in Eavor’s technology. In the context of a growing energy demand worldwide, the International Energy Agency stated that the world requires an excess of C$20 trillion of investment in energy supply to meet this pressing demand. Furthermore, BlackRock has stated that the Sustainable Development Goals are calling for an increase in renewable energy investment by the end of this decade to address this issue.
Japan’s Kajima Corporation Makes Direct Investment in Eavor Technologies Inc.
CALGARY, Alberta, Canada and TOKYO, Japan – February 20, 2024 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal energy technology, has entered into an agreement with Kajima Corporation (“Kajima”) to receive a direct investment into the company. The investment by Kajima demonstrates Eavor’s ability to attract capital from various entities and develop key partnerships with industry leaders worldwide.
Eavor-Europe™ paving a path for geothermal’s increased global competitiveness
Eavor EVP – Corporate Affairs Jeanine Vany and Chief Technology Officer Matt Toews draw parallels between Bavaria and Alberta to demonstrate insights about learning curves and setting regulatory foundations. In an article written for the Daily Oil Bulletin, Vany explains Eavor’s learning-by-doing process that has been central to developing projects, one that the oil and gas industry has used for decades. She emphasized the wealth of subsurface data in Germany which ultimately allowed for Geretsreid well planning and execution and described the significance of leveraging real time drilling data to make future drilling cheaper and more efficient on a project times scale.
Eavor at the World Economic Forum 2024
CEO John Redfern and Executive VP Origination Robert Winsloe attended the World Economic Forum (WEF) 2024 in Davos, where they were invited to participate at the first ever geothermal roundtable. Alongside the roundtable, Redfern and Winsloe engaged with an array of influential entities such as Bloomberg, bp, INSEAD, and were invited to attend the Sustainable Development Goals forum. These discussions help Eavor to foster insightful exchanges with key stakeholders and share Eavor’s perspective with prominent organizations.
Eavor becomes the #1 geothermal energy startup company in the world
A new update from energystartups.org places Eavor as the top geothermal energy startup in the world, a monumental achievement underlined by $365.3 million in accumulative funding. Eavor has garnered generous investments from global energy investors, developers, and venture capital funds since its inception, including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, OMV, the Canada Growth Fund (CGF), and Microsoft.
