Italian publication Yahoo Finanzas wrote an article calling for greater attention to be paid to underutilized geothermal resources in Tuscany. Furthermore, the article proposed that Eavor-Loop™ technology could be a viable asset in overcoming investment risk associated with geothermal energy.
Situated in Larderello, the world’s most ancient geothermal power site, Enel Green Power harnesses the earth’s heat to generate approximately 5 percent of Italy’s clean energy. This is a model that can be expedited to other European nations, as only about 1GW of renewable electricity capacity is currently being provided by geothermal in the EU as of 2022.
The obstacles preventing geothermal from expanding production are the upfront capital costs, the risk versus return ratio, and the technological challenges associated with mapping subsurfaces.
Due to these current challenges, Bruno Della Vedova, chairman of the Italian Geothermal Union, suggests that some investors remain wary about partnering with geothermal technologies. Additionally, geothermal has lacked proper funding from the EU for many project’s initial exploration phases.
Eavor’s recent achievements are helping to change that narrative. An Eavor-Loop™ can extract heat from almost any subsurface anywhere on the planet, which eliminates exploratory risk and therefore cuts upfront costs. Coupled with drilling expertise that is deeply entrenched in the Albertan labour and professional sector, Eavor is driving down the cost of learning on how to drill efficiently and safely.
With successful demonstrations at Eavor-Lite™ and Eavor-Deep™ providing a solid foundation, Eavor has transitioned into a new phase of its journey in combating climate change. As of March 2023, Eavor’s first commercial power plant in Geretsried received a €91.6 million grant from the European Innovation Fund, showcasing that Geoenergy is a viable source for district heating and electricity. Commercialization of Eavor-Loop™ technology has since commenced thanks to a landmark partnership with OMV, which will focus on the deployment of more Eavor-Loops™ in Germany, in addition to Austria and Romania and could be a real solution for Italy too.
