Canadian firm, Eavor Technologies has completed a USD$40 million funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology. Investors in this round Include: bp Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource and Vickers Venture Partners.
Eavor claims its technology – Eavor-Loop – differs from other forms of geothermal in that it is a scalable “go anywhere” solution, harvesting geothermal heat to generate dispatchable power with zero emissions.
The consistency of its heat harvesting gives it the potential to directly replace the traditional forms of baseload power such as coal and nuclear. The dispatchable nature of its design also makes Eavor-Loop a form of energy storage and thus singularly complimentary to intermittent power sources like wind and solar.
The investments will also bolster Eavor’s on-going research and development efforts to drive the cost of Eavor-Loop’s clean dispatchable power to a price point that is competitive in all markets.
Felipe Arbelaez, bp’s svp zero-carbon energy, said, “We see Eavor’s potential to be complementary to our growing wind and solar portfolios. Our expertise and experience also makes bp well equipped to support Eavor’s growth. Technology such as Eavor’s has the potential to deliver geothermal power and heat and help unlock a low carbon future.”