Eavor-Loop™ in Geretsried described as a ‘blueprint’ for a project in Weilheim
German publication Merkur recently published articles highlighting Eavor’s presentation to the Weilheim City Council, located southwest of Munich and directly east of Geretsried, to begin a feasibility study in the surrounding area. Having secured mining permission for geothermal exploration in the region encompassing Ammersee, Starnberger See, and Polling, Eavor showcased its ongoing project in Geretsried to provide a framework for a similar venture near the town of Weilheim in Oberbayern.
Google, Microsoft, and Nucor announced a new initiative to significantly scale clean and reliable technologies
In a recent press release, Google, Microsoft, and Nucor announced that the companies will collaborate to aggregate demand in the market to scale advanced clean electricity technologies. This effort focuses on leveraging technologies such as advanced nuclear, Next-Generation Geothermal, and long-duration energy storage. These technologies have great potential to deliver firm, dispatchable power, bridging the gaps in renewable energy production and facilitating the decarbonization of the grid, according to the International Energy Agency (IEA).
Eavor begins collaboration with Bavarian district Neu-Ulm to implement local energy autonomy
Eavor GmbH recently announced a partnership with SWU Stadtwerke Ulm/Neu-Ulm GmbH, a municipal utility company that supplies the region with electricity, gas, water, heat, to explore implementing Eavor-Loop™ technology in the region and pave the way for Neu-Ulm and Senden to achieve local energy autonomy. This collaboration aligns with Neu-Ulm’s ambitious goal to decarbonize by 2040, a commitment emphasized by Mayor Katrin Albsteiger, who urges immediate action to achieve it.
Interview with Bailey Schwarz on Eavor’s work culture at the SPE International Drilling Conference
Eavor’s Executive Vice President for North America Bailey Schwarz presented at the Diversity and Inclusion Session during the IADC/SPE International Drilling Conference 2024 in Galveston, Texas. An essential part of Eavor’s work culture is harnessing innovative ideas and working with the “best brains” in the industry. During an interview with Drilling Contractor Magazine, Schwarz explains Eavor’s dedication to looking beyond a narrow labour pool to create a diverse workplace with the skillsets that Eavor needs. Success and growth in a company, she elaborates, involves introspection and considering personal biases.
IMIR data predicts remarkable growth for geothermal electric power generation
The geothermal electric power generation market is predicted to experience significant growth in the next decade, according to Intellectual Market Insights Research (IMIR). As per the report, the market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.9 percent, surpassing $16,293.14 million by 2032. Investments in new technologies are underway to enhance the accessibility of geothermal energy for electricity generation and other heating purposes. However, geothermal energy extraction is primarily feasible in regions with easy access to highly heated water sources.
Next-Generation Geothermal Power is Setting the Table for Commercial Lift Off in the United States by 2030
The latest report titled Pathways to Commercialization Report from the U.S. Department of Energy (DOE) focuses on Next-Gen Geothermal as a clean energy source poised for tremendous growth. This report will be featured at the DOE’s virtual fireside chat and webinar next month. The report positions Next-Gen Geothermal as a key contributor to establishing secure, domestic, decarbonized power generation in the United States. Leveraging advancements that borrow from the oil and gas sector, these approaches engineer human-made reservoirs from abundant hot rock resources, eliminating the need to rely solely on naturally occurring reservoirs in niche geologies.
Michael Holmes discusses Eavor’s Next-Gen Geothermal technology with IGNITE magazine
Scovan’s IGNITE magazine recently interviewed Michael Holmes, Eavor’s VP of systems engineering and strategy, to inquire about the company’s mission to enable local energy autonomy worldwide. As of August 2023, Eavor has inaugurated its first commercial project, Eavor-Europe™, in Geretsried, Germany. Holmes explains that this project is a “culmination of Eavor’s dedication and hard work” to innovate technology that scales reliable clean energy, and the journey to this commercial venture has been very fulfilling.
Neil Ethier discusses disruptive Eavor-Loop™ technology with North America Outlook
Eavor Vice President of Origination, Neil Ethier spoke with North America Outlook Magazine to shed light on Eavor-Loop™ technology and how this innovation is scaling clean baseload energy to global markets. This technology relies on the conductive method of heat transfer rather than the convective means that traditional geothermal and EGS systems utilize. This design means that Eavor does not require fracking techniques, has minimal water use, and is not associated with induced seismicity or discovery risk. Due to these factors, Ethier explains that Eavor’s technology has the potential to disrupt the global energy landscape profoundly. With a highly predictable output and dispatchable capacity, Eavor-Loop™ technology can be financed and scaled using standardized manufacturing approaches akin to wind or solar energy.
Alex Vetsak featured in SPE International livestream to discuss insulated drill pipe technology
Moderated by Janelle Daniel, SPE International featured Eavor’s Drilling Technology Manager Alex Vetsak in a livestream titled Powering Performance – Engineering with Data & the Energy Expansion. Vetsak outlined Eavor’s use of Insulated Drill Pipe (IDP) technology and the key advantages it offers when drilling hotter and deeper Next-Generation Geothermal wells. In the case of geothermal well construction, as he explains, hotter subsurface rock, allows for an increase in total energy output per well. Therefore, developers will always drill deeper to extract more heat from higher temperature sources.
Eavor creating a lasting impact from the Geothermal Rising Conference with Next-Generation solutions
In a Sierra Club magazine feature article, Eavor stood out as one of the key companies that left a lasting impression at the Geothermal Rising Conference held in Reno last year. Independent journalist Stephen Robert Miller attended the conference in October 2023 and had the opportunity to not only witness Eavor’s trademark Obelisk but also to converse with leaders in the geothermal industry, including Eavor CEO John Redfern. Miller attended the conference to better understand the current commercial and financial status of geothermal technology in the United States. He concluded that it holds exponential promise for the distribution of clean energy and can effectively help replace fossil fuels nationwide; however, there are policy and economic challenges it has yet to conquer.
Eavor and Kajima Partnership Featured in BNN
Eavor recently announced a new partnership with Japanese construction giant Kajima Corporations, and since then, the “strategic alliance” gained attention from BNN Breaking. The BNN article written by María Alejandra Trujillo emphasizes the significance of this new investment and highlights how the partnership benefits both parties in their sustainability ambitions. Kajima’s investment to Eavor’s Series B funding has been described as a “pivotal moment” for Eavor that solidifies its global presence. Furthermore, it contributes vitality to Eavor’s strive in revolutionizing the energy sector.
Eavor Among Top Disclosed Deals in Canadian Venture Capital Market
Eavor’s Series B funding made noteworthy statistics in the Canadian Venture Capital Market Overview of 2023, a report written by the Canadian Venture Capital & Private Equity Association (CVCA). Eavor emerged as one of the two largest disclosed deals in the last quarter of 2023 and ranked among the top ten disclosed Canadian Venture Capital deals for the entire year. The company attracted early stage investments in Q4 that totaled $124 million from Canadian and international investors, and gained a total capital raise of $182 million for its Series B financing.
