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.”
Presently, Eavor is commencing its scalable approach of harnessing heat from the Earth and transforming it into carbon-free and reliable energy to the commercial forefront in Geretsried. Unlike traditional geothermal power, Eavor-Loop™ technology does not rely on locating underground hot-water reservoirs; rather, it implements an underground closed-loop system that can extract heat from almost any subsurface terrain.
As the article highlights, Eavor has already demonstrated the potential to supply gigawatts of dispatchable renewable energy anywhere in the world, at a cost of less than $50/MWh.
Earlier this year, Recharge News conducted an exclusive interview with Chubu’s global business division CEO Hiroki Sato, in which Sato described Eavor’s technology as a “game-changer” in the geothermal energy sector.
Recharge News has written several articles platforming Eavor-Loop™ technology and its potential to have global impact, including Eavor’s potential to be “climate change’s holy grail” and BP and Chevron’s generous funding that has been monumental in pivoting Eavor’s ventures.
The publication’s main purpose is to provide news and editorials about topics involving the renewable energy sector, including policy makers, global summits, state-of-the-art technology, and scientific breakthroughs.
