OMV’s Sustainability Report 2023 Highlights Collaboration with Eavor
OMV spotlighted Eavor’s technology in their latest Sustainability Report 2023 as the leading closed-loop geothermal energy solution developer worldwide; furthermore, demonstrating how the partnership is furthering OMV’s ambitions to develop clean heat solutions for Europe and beyond. In June 2023, Eavor completed the first close of their Series B equity with OMV leading the round with a €34 million (C$50mm) investment. OMV acquired a 6.5 percent stake in the company, which allowed Eavor to achieve commercialization to pursue large-scale deployment of Next-Gen Geothermal technology.
US Agency Take Steps Forward for Geothermal, But Congress Should Pass the GEO Act
As the U.S. government intensifies efforts to promote the adoption of Next-Generation Geothermal, the Bureau of Land Management (BLM) announced it is seeking to speed up permitting on federal land. Historically, geothermal initiatives faced extensive federal reviews under the National Environmental Policy Act. On April 15 BLM said it would integrate two established categorical exclusions into its evaluation framework. These exclusions will streamline the review process for geothermal projects, potentially facilitating next-generation geothermal exploration and adaptation efforts. Notably, these exclusions have already been successfully implemented by the U.S. Forest Service and the Department of the Navy.
