Eavor’s EVP Corporate Affairs and co-founder Jeanine Vany had proactive discussions about the future of renewable energy at the Global Energy Show 2023.
The Global Energy Show hosts exhibitions, panelists, conferences, and awards that bring a multitude of companies from across the petroleum and renewable energy sectors. Companies have the opportunity to showcase their technology and share innovative ideas on how to reduce Canada’s carbon footprint. Furthermore, experts were invited to stimulate conversations about how Canada can be a world leader in clean technologies.
Organized by Young Women in Energy (YWE)’s Katie Smith-Parent, Vany was joined by panelists Vittoria Bellissimo, Laura Kennett, Vilasini P Pillay, and Nicole Boisvert to discuss renewable energy development in Alberta.
For geothermal and Eavor’s Advanced Geothermal Systems (AGS), harnessing expertise from the oil and gas industry is one major advantage in driving that change.
“We are removing 44 thousand tons of CO2 per year [in Geretsried]. We have two of the world’s biggest drilling rigs on site in Germany contracted to drill straight for four years, and drilling requires about 170 jobs per rig. So, it’s a unique opportunity to be able to contribute to renewable energy through repurposing oil and gas supply chains,” said Vany at the Renewables Revolution panel at the Equity Theatre.
Eavor’s scalable technology is gaining global momentum, as the company most recently solidified a partnership with Austrian industrial mega-company OMV. This commercial agreement promises €34 million in investments into Eavor-Loop™ technology, with the ambition to pursue large-scale deployment in Austria, Romania, and Germany.
“OMV has taken about 6.4 percent of our company. They want to work with us to decarbonize, and solve some of the energy issues that Europe is facing. Whether it’s from grid reliability or energy security, geothermal is a sweet spot in between because it’s dispatchable and baseload,” said Vany.
Eavor aims to propel its game-changing brand of geothermal as a part of this renewable energy revolution. Rather than drilling into permeable rock or hot aquifers and extracting heat through convection, Eavor’s closed-loop system acts like a reverse radiator, extracting heat from hot rock via conduction. This closed system provides reliable, dispatchable energy that does not produce GHG emissions, water contamination, or earthquakes.