Chubu Electric Power, a Japanese energy giant and long-term investor in Eavor, announced its plan to explore geothermal investment opportunities in Indonesia. This financial backing could contribute substantial economic benefits and is anticipated to rapidly develop geothermal technologies in the geologically active region.
According to the Alphaxioms article, leveraging Chubu’s expertise and financial support, Indonesia’s geothermal sector could be on the brink of significant expansion. Petromindo stated that Chubu’s expansion into Indonesia and collaborations with Eavor signify the company’s ambition to enhance its decarbonization strategy.
In late 2022, Chubu made a significant direct investment in Eavor. Concurrently, Yuta Kano from Chubu’s Global Business Division joined the Eavor Board of Directors, further solidifying this strategic partnership. Since then, Chubu’s presence and influence have been paramount in advancing Eavor’s global project pipeline.
The article stated that Eavor’s innovative closed-loop system is revolutionizing the geothermal industry, and does so because it functions independently of geological conditions. Additionally, Eavor’s technology not only expands geothermal energy’s potential but also minimizes environmental impact.
Chubu Senior Managing Executive Officer Hiroki Sato emphasized that by investing in innovative technologies and diverse geographical locations, Chubu is demonstrating its goal of joining global efforts in combatting climate change. Furthermore, the company stated that it aims to set a new standard for energy companies worldwide.
