Eavor Technologies announces new funding and partnerships
Innovative geothermal company to build technology demonstration site in Alberta.
Eavor Technologies is pleased to announce the awarding of new grants and partnerships that will serve to further advance their unique and innovative geothermal technology. The ten million-dollar ($10M CAD) demonstration site, Eavor-Lite, is designed to showcase all of Eavor’s unique and proprietary design elements at scale. The site, located not far from Rocky Mountain House Alberta, will also be used as an ongoing test facility for advanced operating fluids being developed under Eavor’s ongoing R&D program. Drilling is to commence on Eavor-LiteTM in Q3 2019.
Eavor’s solution (Eavor-Loop™) is designed to be the World’s first truly scalable form of green baseload energy. It’s a disruptive technology that eliminates or mitigates many of the issues with traditional geothermal. As a completely closed-loop system, there is no fracking, no GHG emissions (unlike some geothermal projects), no earthquake risk, no water use, no produced brine or solids, and no aquifer contamination. Eavor’s system circulates a benign working fluid which is isolated from the environment in a closed loop, much like a massive subsurface version of a traditional radiator. It simply collects heat from the natural geothermal gradient of the earth, at geologically common rock temperatures. Unlike other green power solutions (e.g. wind and solar), Eavor-Loop™ is not intermittent, but instead produces much needed reliable baseload power. Unlike traditional geothermal it isn’t reliant on volcanic-like temperatures in combination with highly permeable aquifers. As such Eavor™ makes geothermal truly scalable and eliminates the major sources of exploratory cost and risk.
Following successful completion of the demonstration facility, work will commence towards a commercial Eavor-LoopTM installation. While Eavor has a growing pipeline of such commercial power, heat, and combined heat+power opportunities from around the World, the first commercial Eavor-Loop project is expected to be a 65M EUR heat-only project in the Netherlands.
Eavor is currently working with Creative Destruction Lab (CDL) for the next year. This exciting program is focused on the development of massively scalable, science-based companies. CDL has programs with Universities and strategic investors in Toronto, Vancouver, Calgary, Montreal and Halifax as well as New York.