Eavor’s closed-loop systems have recently been featured in a BloombergNEF article about the exponential momentum that geothermal energy is gaining worldwide.
According to the article, utility-scale commercial projects are increasingly adopting next-generation geothermal technologies, and countries around the globe are embracing this renewable energy source to achieve their net-zero targets.
BloombergNEF stated that the allure of next-generation geothermal energy lies in its ability to tap into previously untapped resources. By leveraging advanced technologies, these projects can harness geothermal energy in areas where traditional methods were not viable.
Eavor’s closed-loop systems are scalable, which means that it can be implemented anywhere on the planet. The technology achieves this by extracting heat using conduction, extracting energy from hot rock rather than hot aquifers. Circulating water contained in this closed-loop pipe system brings thermal energy to the surface where it is harvested for direct heating or converted to electricity. Due to a pressure difference between hot and cold water, the water circulates itself without the use of a pump.
As stated in the article, this pioneering approach holds immense potential to unlock geothermal energy for numerous countries, ushering in a new era of sustainability.
According to a report from the US Department of Energy, next-generation geothermal energy has the capacity to provide up to 120 gigawatts of firm power in the United States by 2050. Furthermore, the report states that geothermal energy boasts the lowest land-use intensity among all renewable energy technologies.
Eavor’s latest demonstrations and collaborative successes around the world are also featured in the article. The Eavor-Deep™ project in New Mexico achieved a successful demonstration as of December 2022, meeting its objectives and securing follow-up investments from bp Ventures.
In January 2023, Eavor formed a strategic partnership with Getech, an international geothermal energy and green hydrogen company, to spearhead the development of multiple closed-loop geothermal projects in Latin America.
Eavor also launched the world’s first ever commercial-scale closed-loop system in Geretsried, Germany, which will produce enough energy to provide direct heating to over 20 thousands homes, and the power plant is scheduled to start operations by the end of 2024.
As the world seeks innovative solutions to meet the growing demand for sustainable energy, Eavor is poised to play a pivotal role. The exponential momentum of geothermal energy, fueled by the emergence of EGS and AGS technologies, holds promise for a future where clean, reliable, and abundant energy is accessible to all.
