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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.

Eavor Applauds DOE’s Liftoff Report Focused on Next Generation Geothermal

CALGARY, Alberta, Canada – Eavor Technologies Inc., an advanced geothermal or closed-loop energy company, praised the Department of Energy’s (DOE) “Pathways to Commercial Liftoff: Next-Generation Geothermal Power,” which provides a roadmap for advancing next-generation geothermal power. The report is the latest installment in the “Pathways to Commercial Liftoff” series that “provide[s] public and private sector capital allocators with a perspective as to how and when various technologies could reach full-scale commercial adoption,” according to DOE.

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.

Bill passed in New Mexico set to boost substantial geothermal power in the state

The New Mexico Senate unanimously approved three new bills prioritizing environmental initiatives, notably including House Bill 91, or the Geothermal Resources Project Fund. This legislation allocates $2.5 million towards future geothermal energy projects, tapping into the Earth’s subsurface heat for electricity generation, hot water provision, and heating and cooling solutions. Additionally, the bill establishes a geothermal projects fund and revolving loan fund to facilitate grants and loans for project financing and cost-benefit studies.

RBC Climate Action Institute platforms Eavor as a case study in reducing Canadian emissions

RBC Climate Action Institute has introduced Eavor as a case study for how to tackle challenges Canada faces in transitioning away from fossil fuels. Eavor’s technology, as explained by Redfern, taps into the immense potential of geothermal energy by harnessing the heat from hot subsurface rock, a resource readily available across the globe. This innovative approach not only yields zero greenhouse gas emissions and mitigates air pollution but it also minimizes water usage and has a small surface footprint.

Go-Anywhere geothermal estimated to be close to a $1 trillion investment breakthrough

Geothermal is estimated to be near a “breakthrough” that could accumulate US$1 trillion in investments by 2050, according to a recent article published by Wood Mackenzie. While conventional geothermal is restricted to niche geologies that have a high thermal gradient at a shallow depth, Next-Generation Geothermal has the capacity to be implemented across the planet. In Eavor’s case, Eavor-Loop™ systems can extract energy from zero permeability rock with an average thermal gradient, which is more common to find in subterranean landscapes.

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