Advanced notice about Chancellor Olaf Scholz learning more about Eavor

On August 24, 2023, German Chancellor Olaf Scholz is to learn more about Eavor’s operations, technology, and construction site in Geretsried, Bavaria.

He will be joined by Bavaria’s Prime Minister Markus Söder, Federal Minister of Education and Research Bettina Stark-Watzinger, an assortment of political decision-makers, Canadian government politicians, and other invited guests.

Scholz has been expressing great interest in transitioning Germany’s energy landscape in order to distance the country from its reliance on fossil fuels, which was exacerbated by the Russian invasion of Ukraine.

As covered by Reuters, Scholz commented: “Ramping up renewable power production rather than subsidies is the key to lower electricity prices for Germany’s energy-hungry industry.”

Furthermore, Germany is leading the way in harnessing geothermal energy to provide power and district heating. Due to increased interest from policymakers and investors, geothermal energy is being transformed from a niche technology to a forefront actor in Europe’s energy transition.

Since Eavor-Loop™ technology can provide clean energy for Germany’s district heating demands, Eavor is currently discussing with municipal utilities in several major German cities about partnerships to propel this transition.

The way Eavor aims to achieve this is by building a reverse-radiator within the bedrock underneath Geretsried. Two parallel rigs drill to a vertical depth of approximately 4,500 metres, at which the wellbores are then redirected to drill horizontally into several parallel laterals. These wellbores extend about 3,200 metres in length before they are connected together to create a massive subterranean closed-loop system that extracts energy from hot rock.

The project in Geretsried is the world’s first commercial geothermal closed-loop system, and this achievement was awarded a €91.6 million grant by the European Innovation Fund last March. Grants such as these are milestones in helping Eavor distribute technology that is carbon-free, dispatchable, and scalable. This enables Eavor to implement Geoenergy power plants regardless of the location of underground aquifers, thus offering EU countries a reliable source of renewable heat and power.

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