Chubu Electric’s plan to acquire approximately 40 percent stake in Eavor Technologies was recently signified in an article written by Andrew Lee of Recharge News. Last year, Chubu purchased a stake of approximately 20 percent in the company, aligning itself with prominent investors such as BP and Chevron, in support of Eavor’s pioneering efforts. Chubu’s additional investment is a significant milestone in Eavor’s ambitions to produce approximately 8MW of electric power and district heating transfer rate of 64MW in the region. In a recent press release from Chubu Electric, Hiroki Sato, division CEO of global business at Chubu, said: “This is a significant milestone not only for Chubu but also the journey of climate  neutrality towards our global target on this planet. I am convinced that the Eavor-Loop™ Technology would be a true game-changer for the enhancement of renewable energy, and Chubu is very excited to be working with Eavor through the world‘s first Eavor-Loop™ commercial project at Geretsried in Germany.”

Multiple media platforms and esteemed experts have been covering the inauguration of Eavor’s first commercial Eavor-Loop™, which amplified the technology’s game-changing method of producing clean energy. In a video news report from münchen.tv, German Chancellor Olaf Scholz, Bavarian Prime Minister Markus Söder, and President of Eavor GmbH Daniel Mölk were featured being interviewed by local media and making speeches at the event. Additionally, DW Español published a news report that featured the inauguration, titled: “Could geothermal energy solve Germany’s energy crisis?”

The Geobatt Project’s hybrid renewable energy storage system, which is a combination of geothermal technology and solar panels, has been supplying the Moncloa Transit Hub for approximately six months now, and aims to increase that supply to 33 percent. The multi-level station is a major point of transit for buses and metro lines in Madrid’s city center. It experiences a substantial amount of visitor and transit traffic throughout the day, and the heat from that immense activity creates a high demand for air conditioning.

In Plug and Play’s most recent collaborative event about innovative technologies, Yuta Kano and James Heatherington had the opportunity to present Eavor’s technology as an “unconventional geothermal revolution” during the platform’s Climate Tech Innovation showcase. “I believe that Eavor is the true game-changer for the future of energy,” said Mr. Kano during the presentation. Mr. Kano is the general manager at the Clean Energy Solution Unit at Chubu Electric power, which is a part of the company’s global business division. He is also a board member of Eavor Technologies and the Managing Director of the Geretsried project.

In his speech during the inauguration of Eavor’s first commercial project at Geretsried, Federal Chancellor Olaf Scholz made a speech praising Eavor’s technology, and platformed it as an asset that will help Germany to achieve its goal of becoming one of the first climate-neutral industrialized countries in the world by 2045. “It is a technical masterpiece that you have undertaken here in Geretsried with this project,” said Scholz. “If this attempt succeeds, it would not only be a great piece of engineering, but an even greater step forward for our heat transition.” Moreover, the Chancellor attributed this as a benefit because it means having geothermal energy independent of heated water, which is a resource that is challenging to find and access.

Eavor co-founder and EVP Jeanine Vany had the opportunity to meet the Minister of Environment and Protected Areas of Alberta, Rebecca Schulz, and provide a tour of Eavor’s Geretsried drill site. In regard to the event, Vany commented: “It was my honor to tour Minister Schulz around the drilling site at Geretsreid. In some ways having Minister Schulz present felt like coming full circle. Without the early-stage investment from the Alberta and Federal governments to drill the Eavor Lite pilot in Alberta in 2019, we would not be standing here today, in Bavaria, drilling the first commercial Eavor Loop™. Our goal to enable local clean energy autonomy everywhere is feeling closer than ever and will certainly have a transformative impact on the energy crisis in Europe as we deploy more Eavor Loops.”