In a recent press release, Google, Microsoft, and Nucor announced that the companies will collaborate to aggregate demand in the market to scale advanced clean electricity technologies.
This effort focuses on leveraging technologies such as advanced nuclear, Next-Generation Geothermal, and long-duration energy storage. These technologies have great potential to deliver firm, dispatchable power, bridging the gaps in renewable energy production and facilitating the decarbonization of the grid, according to the International Energy Agency (IEA).
The announcement comes proceeding notable developments happening with Eavor, primarily the Microsoft Climate Innovation Fund being a key contributor to Eavor’s $182 million in Series B financing back in October 2023. This milestone was highlighted in the Global Cleantech 100 list of 2024, where Eavor was listed as one of the five energy and power companies that garnered investments from the Microsoft Climate Innovation Fund.
Adrian Anderson, General Manager of Renewables and Carbon-Free Energy at Microsoft, expressed enthusiasm about the collaboration with Eavor.
“On our journey to becoming carbon negative by 2030, we recognize that innovation and collaboration are fundamental to how we build a more sustainable world. We look forward to Eavor’s innovations in geothermal energy solutions to scale the market with consistent and reliable sources of clean energy,” Anderson stated.
To assist more clean technology startups gain momentum, Google, Microsoft, and Nucor seek to mitigate risks and reduce the costs associated with early commercial projects, as novelty can often present obstacles to achieving the necessary finances to scale. Developing new commercial structures and aggregating demand ought to catalyze investments and pave the way for greater adoption of clean energy solutions by the early 2030s.
As part of their initiative, these corporations will instigate pilot projects in the United States, which will serve as testbeds to validate the effectiveness of their approach. These projects will not only focus on improving communication between customers, policymakers, and other stakeholders, but it will also develop new tariff structures and the signing of offtake agreements for technologies that are situated at the beginning of their cost curve.
Financial backing and facilitating demand can be crucial for many startups in scaling successfully, especially in the early stages of development when capital costs and risks are high. Microsoft, as well as Google and Nucor, provide significant potential for these startups through their collaborative efforts. Moreover, scaling more of these dispatchable technologies has great potential to contribute to a more reliable energy ecosystem.
