Axios.com, an international online news publication featured Eavor CEO and co-founder John Redfern in a recent edition of the Axios Generate Newsletter.
Written by Axios energy journalists Ben Geman and Andrew Freedman, the daily newsletter features leading energy news and analysis and highlights the ‘need-to-know’ details from global energy headlines. Freedman and Geman were reporting from Houston during the week of March 6, covering the 41th annual CERAWeek conference.
In typical Axios Generate fashion, March 8’s daily energy news blast starts with the “1 big thing” section – this time, clear blue Albertan skies can be seen in the background of the Eavor-LiteTM demonstration facility, accompanied by the title “Geothermal’s new momentum and old hurdles.”
The newsletter succinctly summarizes the news, the importance, and the relevance of Eavor’s efforts in a few short, punchy bullet points. First, Eavor recently secured a grant totalling more than €91 million from the European Innovation Fund for an ongoing project in Germany.
Despite often being relegated to the minuscule “other” section on countless graphs and graphics detailing energy production sources, geothermal is undergoing a transformation of sorts, seen in the myriad of major news headlines, national policy and regulatory developments, and geopolitical tensions.
A major driver of the industry’s newfound momentum was Russian’s invasion of Ukraine and the Western sanctions subsequently imposed, according to Redfern. Energy insecurity in Europe, amid climate sustainability concerns, “really speeds up the clock on everything,” said Redfern.
U.S. Energy Secretary Jennifer Granholm’s enthusiasm for the energy source has also driven its momentum. Granholm has been quoted in multiple publications, expressing excitement about geothermal’s potential. According to Geman and Freedman, she told an industry audience she’s “obsessed with geothermal,” in Houston on Tuesday, March 7.
But a stated obsession isn’t quite enough, say members of the geothermal trade organization Geothermal Rising. The group presented Granholm with ideas for increased support with maximized impact, like more funding for emerging technologies and even the creation of a geothermal office in the Department of Energy.
Despite plenty of room for improvement, federal resources available for geothermal projects like Eavor’s recently approved demonstration project in California, are nothing to scoff at. Redfern told Axios that Eavor is in talks with the Department of Energy’s loans programs regarding potential funding for a US project. Eavor is also pursuing a Series B funding round with a goal of $145 million in 2023.
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John Redfern spoke at the CERAWeek conference on it’s opening day, as a panellist on the “Transferring Technologies for Next-Generation Geothermal” session, where he spoke about the nuances of using oil and gas expertise in geothermal applications.