Chubu Electric Power Co. Inc, Japan’s third largest power provider, has invested in Eavor Technologies inc.
The purchase, announced on October 14, 2022, is the Japanese power giant’s first investment into the international geothermal energy market.
Chubu’s official website totes Eavors’ technology as a “game changer,” and cites the revolutionary Eavor-Loop™ as a integral part of a greener future.
“This technology can efficiently extract heat even in areas where there is not enough underground hot water or steam. It is a feature that it is possible to develop in a small amount of time and avoid the risk of development being cancelled due to a shortage of underground hot water or steam after excavation.”
By investing in Eavor, Chubu Electric aims to expand its fiscal opportunities and gain knowledge in the international geothermal energy market, as well as participation in Eavor’s upcoming global expansion efforts.
And international markets might not be the only goal for the Japanese power company. ITMedia reports Chubu Electric may plan to examine the potential for domestic utilizations of the techniques.
According to the International Renewable Energy Agency, Japan is sitting on a veritable hotspot of geothermal energy, indicated by the numerous picturesque hot springs scattered throughout the country. In 2018, however, geothermal energy only accounted for less than half of one percent of the country’s energy production.
So why does the resource go untapped? The Geothermal Research Society of Japan lists social acceptance and natural park regulations as two “major barriers” to geothermal development.
But with the Eavor-Loop™’s limited above-ground footprint, and the push for safe, renewable energy following the 2011 Fukushima nuclear disaster, the partnership between Eavor and Chubu Electric has the potential to cornerstone an innovative and profitable niche in Japan.
