Geothermal Energy Costs Could Drop 80% by 2035
The cost of geothermal energy could decline by as much as 80 percent by 2035, reaching approximately $50 per megawatt hour, according to the report from the International Energy Agency (IEA). This sharp reduction hinges on increased investment, technological advancements, and policy support.
Alberta students display technological ingenuity at Ten Peaks Conference
Students from the United Robotics of Lacombe (URL) program have developed a unique prototype that could help Alberta beekeepers combat significant bee colony losses.
2024: next-generation geothermal energy’s breakout year
Geothermal energy experienced substantial momentum in 2024, fueled by milestones in funding, project development, and rising demand for carbon-free, around-the-clock electricity.
European Council calls for faster geothermal deployment
The European Council recently concluded an approval to promote geothermal energy within EU member states, aiming to accelerate the decarbonization of heating and cooling with an affordable and secure energy source. To achieve this, the Council calls for faster geothermal deployment and facilitating permitting and access.
Closed-Loop Geothermal Potentially Redefining Energy for AI-Driven Data Centres
Advanced geothermal technology is garnering attention for its capacity to offer a transformative solution to the rising energy demands of AI-driven data centers. Unlike traditional energy sources, closed-loop geothermal systems provide reliable, baseload power that can operate almost anywhere, making them uniquely suited for the rapid growth of AI and data centres.
Geothermal’s firm power described as “the missing puzzle piece” to unlocking 100% clean energy
The World Resources Institute completed an analysis of the benefits, costs and potential risks of next-generation geothermal energy, stating that this technology is already bringing down capital costs and standing out for its high resource potential.
Geothermal set to Power AI and Data Centres
To meet the massive energy demands of new data centres, Eavor CEO John Redfern emphasized the potential of next-generation geothermal to meet their quota. Unlike intermittent renewable sources, geothermal offers reliable, baseload power—an essential feature for tech companies seeking stable and independent energy solutions.
Geothermal offering a “rare win-win solution” for global clean energy
Eavor CEO John Redfern, in an interview with the National Observer, stated that the time is right for geothermal energy, as it has benefited from the expertise of the oil and gas industry as well as advancements in wind and solar markets.
WING features Jeanine Vany’s vision for geothermal energy
Eavor’s Executive Vice President of Corporate Affairs Jeanine Vany was spotlighted by WING’s Women in Geothermal USA publication, accentuating her career as a geoscientist and her perseverance in scaling Eavor’s next-generation geothermal technology.
Bipartisan support fuels geothermal growth amid leasing challenges
An article in Semafor describes the evolving circumstance of leasing land for geothermal energy development in the U.S. Despite geothermal’s potential to provide reliable, low-emission energy, the Utah auction saw only one of three plots receive bids. Ormat Technologies, a Nevada-based energy developer, secured the lease for just $2 per acre. Analysts attribute the lacklustre outcome to the plots’ remote, mountainous location and relatively low geothermal temperatures, which can limit economic viability.
Eavor’s innovation promises significantly higher growth than previous predictions
A detailed report from the Daily Oil Bulletin highlights how Eavor’s cost estimates could surpass the growth projections made by major energy forecasters. While institutions such as the International Energy Agency (IEA), Shell, and Wood Mackenzie predict moderate growth in geothermal capacity, Eavor’s technological innovations suggest that the sector could experience more significant expansion than previously anticipated.
Eavor’s success indicates opportunities to expand Canadian cleantech investment
A Globe and Mail feature article recently indicated a persistent challenge for Canadian cleantech startups: difficulty securing financial backing within Canada. Eavor, like many others, was pushed to seek international investments to scale its operations.
