Eavor CEO John Redfern emphasized that a current “arms race” taking place in the geothermal industry could make Canada a world leader in geothermal energy production, and how the Alberta Drilling Accelerator (ADA) is key to achieving that.
In an interview with DOB Energy, Redfern stressed the importance of meticulous preparation and research to advance collaboration with the ADA. He explained that extensive consultations are being conducted with interested parties, reviewing similar international initiatives, and examining various governance and economic models to ensure the project’s success.
“[Geothermal] can be scalable to the same order and magnitude as oil and gas. There’s a massive prize here. People want to ensure they’re on the cutting edge of that,” stated Redfern to DOB Energy.
The article emphasized that renewable energy sources like wind and solar are becoming more prevalent in Western Canada, yet the technology is often developed and owned by entities outside of Canada. In contrast, initiatives like the ADA have the potential to propel early technological development that could position Canada as a global leader in geothermal exports.
In that context, the ADA is set to become Canada’s first geothermal test site, with the provincial government investing $750,000 in a feasibility study led by Eavor.
Furthermore, Redfern expressed anticipation about private investment funnelling to the ADA to develop new geothermal technologies, reduce greenhouse gas emissions, and create high-quality careers that leverage oil and gas expertise. Projections from Wood Mackenzie are already estimating that the geothermal industry could attract investments of about $1 trillion worldwide by 2050.
The intent for the ADA feasibility study is to be completed by the end of the year, with operations beginning in 2025.
