A recent article by ING stated that Eavor’s technology could enhance the way geothermal energy is used in the future, primarily because geothermal energy is “gentle on the landscape,” as operations are primarily subsurface. This allows the land to be renaturalized or repurposed once drilling is completed.
Experts estimate that 50 to 75 percent of Germany’s heating needs could be met by using geothermal energy, covering up to a temperature of 120°C. This is especially significant considering that half of Germany’s energy demands are for heating or industrial purposes, with approximately 85 percent currently supplied by fossil fuels.
Described as groundbreaking, the Eavor-Loop™ system features two vertical wells connected to 24 parallel horizontal wellbores. These are drilled down to 4,500 to 5,000 meters, forming a system of 12 loops. In this closed-loop system, water flows independently of the surrounding rock, requiring no additional energy input and significantly reducing operating costs.
The project is financed by a consortium of banks, including ING, which serves as a Senior Lender and Mandated Lead Arranger, structuring the loan as a green loan in line with Green Loan Principles. ING aims to lead in clean energy finance by continuing to fund geothermal projects, achieve net-zero operations, steer portfolios toward positive climate impact, and manage climate and environmental risks.