A recent article from energy news leader OilPrice.com details new developments in the geothermal energy industry and stresses the need for deployable and scalable solutions in the near future.
Energy and finance freelancer Felicity Bradstock is well-versed in the news and developments surrounding traditional and green energy industries. Her article from early December emphasizes the demand for clean energy from environmental agencies and governments across the globe, and cites geothermal as a sector brimming with potential.
With over 100 countries. aiming for net-zero economies in the next half-century, Bradstock says private investment and project initiation needs to scale up in big ways – and soon – to realistically achieve global climate targets.
The article lists promising projects in the works, such as Croatia’s UFO-like geothermal plant, and the french automobile manufacturer Renault’s recent announcement of a 15-year partnership with Engie to install a geothermal system to power the Douai facility.
But the high risk posed by traditional geothermal’s need for rare subterranean conditions, and a lack of scalable, universal alternatives on the market are obstacles private investors and large energy players are hesitant to challenge, posits Bradstock.
But Eavor, a preeminent geothermal company with trailblazing technology is challenging the notion that scalable alternatives to high risk geothermal extraction are not readily available for implementation.
On December 8, Eavor and Deep Energy Capital announced a €1 billion development agreement for the construction and deployment of five or more Eavor-Loop™ installations across North America and Europe. The agreement totals just under $1.5 billion CAD, and follows the initial collaboration agreement between Eavor and Deep Energy Capital in 2021.
Deep Energy Capital is an investment firm specializing in renewable energy projects, committed to sustainable and responsible economic growth and resilience. Managing partner Dan Phillipson said the contract “unlocks goethermal’s potential and creates a path to scalability by aligning projects to infrastructure investors risk and return profile.”
Announcements of Eavor’s first commercial power project in Bavaria, Germany, and the company’s first power purchase agreement with Nevada public utility company NV Energy are just a few examples of the global momentum gained by the company in recent months. Eavor’s unprecedented growth proves beyond a doubt that alternatives to high-risk geothermal tactics are readily available for global markets, so companies and countries alike can move closer to a green, responsible future.