How Rock-Pipe™ Works – With Vlad & Mo
Have you ever wondered how we seal the open wellbore in the lower sections of the Eavor-Loop™? Well, grab your number 2 pencils and put on your lab coat, let’s learn about Rock-Pipe™. Watch our NEW Video – How Rock-Pipe™ Works – With Vlad & Mo.
Great interest is generating around Eavor’s landmark partnership with OMV and the commercialization of Eavor-Loop™ technology
Eavor’s Series B funding led by OMV commenced the commercialization of Eavor-Loop™ technology in multiple countries across Europe, and the news is quickly gaining attention from multiple publications. Some of these include ThinkGeo, The Tech Factor, Venture Capital Journal, FinSMEs, Renewables Now, and Market Screener. OMV, a leading energy company based in Austria, has secured a significant investment to expedite the commercialization of Eavor’s game-changing Eavor-Loop™ technology. This funding solidifies OMV as the primary investor in Eavor’s Series B equity round, with follow-up investments from bp Ventures, EverSource Energy, and Vickers Ventures Partners.
Governor Polis of Colorado signed a new bill that will allow geothermal energy to become more prominent in the state
Colorado Governor Jared Polis recently signed a new law called SB23-285, also known as the Energy and Carbon Management Regulation. This law will allow expansion of geothermal power production; therefore, play an integral role in helping Colorado achieve its goal to have 100 percent renewable energy by 2040. Originally named the Oil and Gas Conservation Commission, the bill will be known as the Energy and Carbon Management Commission starting July 2023. The purpose is to give the law more regulatory authority, allowing it to oversee a wider range of energy and carbon management areas beyond oil and gas. Section 8 of the bill grants the commission the exclusive authority to regulate deep geothermal operations and explore allocated geothermal resources, including ones deeper than 762 metres. Additionally, it grants the state engineer exclusive authority to manage shallow geothermal operations. The bill also allows the commission to conduct studies, prepare reports summarizing the findings of the studies, and submit the reports to the general assembly.
Eavor’s presence at the Global Energy Show showcases ambitions to drive a revolution for renewable energy
Eavor’s EVP Corporate Affairs and co-founder Jeanine Vany had proactive discussions about the future of renewable energy at the Global Energy Show 2023. The Global Energy Show hosts exhibitions, panelists, conferences, and awards that bring a multitude of companies from across the petroleum and renewable energy sectors. Companies have the opportunity to showcase their technology and share innovative ideas on how to reduce Canada’s carbon footprint. Furthermore, experts were invited to stimulate conversations about how Canada can be a world leader in clean technologies. Organized by Young Women in Energy (YWE)’s Katie Smith-Parent, Vany was joined by panelists Vittoria Bellissimo, Laura Kennett, Vilasini P Pillay, and Nicole Boisvert to discuss renewable energy development in Alberta.
Children’s storybook highlights the important role that geothermal energy plays in achieving a sustainable future
Published last April, “Our Hidden Powers” is a light-hearted children’s book that illustrates a story about the importance of geothermal energy. Main character, Ignis, and her friends embark on a journey of self-discovery, and how geothermal power, as well as other forms of renewable energy, can help the planet. ThinkGeo recently interviewed the authors of the book, Kristina Hagström-Ilievska and Gabriella Skog, to learn more about the motivation behind the book’s creation. According to Hagström-Ilievska, inspiration came when trying to explain how geothermal energy works to her son. “Our Hidden Powers” was then created as a fun way to introduce geothermal energy to children, and teach the youngest generation how it can be utilized to help the planet.
Segment Director of Seequent demonstrates how geo-mapping software is assisting the acceleration of geothermal projects
ThinkGeo conducted an interview with Segment Director Jeremy O’Brien to discuss how Seequent has been adapting to shifting needs of the geothermal industry over the last decade. Seequent provides software that enables subsurface professionals to gain maximum value from their geological, geophysical, geochemical, reservoir engineering, and geotechnical data. Since 2012, the New Zealand-based software has been assisting the global industry in multiple ways, such as planning where to drill wells, understanding geothermal resources better, and using downstream tools to simulate reservoirs and assess their performance. According to O’Brien, approximately 65 percent of all current geothermal power generated globally is “supported by Seequent technology in one way or another.” He also stated that this technology is going to be a great asset as many countries aim for Net Zero in future decades.
Eavor is Excited to Welcome Stephan Hannke of OMV to our Board of Directors
Eavor is excited to welcome Stephan Hannke of OMV to our Board of Directors. Stephan Hannke is a Senior Advisor with OMV, a global oil, gas and chemicals group with headquarters in Vienna, Austria. Stephan works in the Low Carbon Business area of the Energy division, and together with his team, they are leading business growth in geothermal closed-loop technology (EAVOR) in selected European countries. His goal is to support the decarbonization of cities and industry, through identifying, enabling and delivering clean heat production using EAVOR geothermal closed-loop technology.
GA Drilling, a geothermal drilling company emphasizes the advancements in geothermal drilling
GA Drilling mentioned Eavor as one of Canada’s leading Advanced Geothermal Systems (AGS) in a LinkedIn article. The article dives into the methods and schematics of how AGS closed loop systems works, which is the technology that Eavor uses. The process begins by drilling vertical wells several thousand feet into the ground. The wells are then deviated horizontally into multilaterals. A working fluid is then introduced into the injection well, where the liquid can then absorb heat from the rock via conduction. This hot liquid then rises up the outlet well to the facility. The hot liquid is then passed through a heat exchanger, transferred to a secondary fluid, which is then vaporized to spin a turbine and generate electricity. Alternatively, the produced heat from the system can be used for heating applications.
Eavor commences commercialization through major investment and landmark partnership with OMV
CALGARY, Alberta, Canada and VIENNA, Austria – June 14th, 2023 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal closed-loop technology, has completed the first close of their Series B equity round. OMV AG (“OMV”) leads the round with a €34 million (C$50mm) investment and has entered into a commercial agreement with Eavor to pursue large-scale deployment of Eavor-Loop™ technology in Europe and beyond. Follow-on investments from Eavor’s existing partners include bp Ventures, Eversource Energy and Vickers Venture Partners. Concurrently with the raise, Chubu Electric Power has converted its debenture. The commercial agreement establishes OMV as a key partner with preferred licensing terms, access to services and development support. As a key partner, OMV will be focused initially on the deployment of Eavor-Loop™ in Austria, Romania, and Germany.
TRANSGEO aims to transform abandoned oil wells in Central Europe into geothermal projects
The newly launched TRANSGEO project aims to investigate abandoned oil and gas wells in central Europe and how they can be utilized for extracting geothermal energy. The project was co-funded by the European Commission and the Interreg Central Europe Programme. With a budget of €2.61 million (80 percent funded by the European Regional Development Fund), the project has partners in Germany, Austria, Hungary, Croatia, and Slovenia. The coordinator for this project is Hannes Hofmann, the head of the Helmholtz Young Investigators Group “Advanced Reservoir Engineering Concepts (ARES)” at the GFZ German Research Centre for Geosciences in Potsdam.
Innovate Alberta showcases Eavor’s technology as “the solution the world has been waiting for
Eavor has been featured in INNOVATE™ Alberta, with Eavor-Loop™ being showcased as ground-breaking technology that is set to revolutionize the clean energy industry. The piece articulates that geothermal energy is at “a moment of reckoning,” and that Eavor is at the forefront of this transition because it harnesses energy from the largest clean energy resource we have: the Earth itself. In other words, Eavor extracts heat directly from hot rock, which is heated continuously by the Earth’s core. The Eavor-Loop™, conceived by co-founder Paul Cairns and helmed by CEO John Redfern, overcomes traditional geothermal constraints through its innovative closed-loop system. As indicated by Eavor Chief Technology Officer Matt Toews, such a configuration would “not only eliminate the parasitic pump load but would, in fact, pump itself due to the thermosiphon effect.”
BloombergNEF features Eavors technology and how next-generation geothermal is revolutionizing the clean energy sector
Eavor’s closed-loop systems have recently been featured in a BloombergNEF article about the exponential momentum that geothermal energy is gaining worldwide. According to the article, utility-scale commercial projects are increasingly adopting next-generation geothermal technologies, and countries around the globe are embracing this renewable energy source to achieve their net-zero targets. BloombergNEF stated that the allure of next-generation geothermal energy lies in its ability to tap into previously untapped resources. By leveraging advanced technologies, these projects can harness geothermal energy in areas where traditional methods were not viable.
