In an article by The Way Ahead, Eavor Technologies was mentioned as a New Energy Investment. The article outlines the pressure the oil and gas industry face to cut down on emissions, and how service companies are seeking out opportunities offered by the energy transition.
The article states: “Future generations depend greatly on oil and gas companies to ensure the longevity of a clean atmosphere and diverse ecosystems. To meet the goal, it is not surprising for the companies to transition toward cleaner and greener energy sources such as renewables. Many of the supermajors—BP, Shell, Chevron, Total, Eni and Exxon— have pumped billions into clean energy projects.”
Eavor Technologies is mentioned in a list under New Energy Investments along with other companies such as Schlumberger and Baker Hughes. The article states that Eavor is a “Canadian geothermal startup. Uses a patented closed-loop system, which does not require any fracturing; thus excludes the risk of GHG emissions and earthquake risk. Received $40 million investment by the venture arms of BP and Chevron.” The interest and investment of BP and Chevron in Eavor is a prime example of the article’s suggestion that companies are seeking out opportunities offered by the energy transition.
The importance of capitalizing on new green opportunities is further explained as the article states: “For existing service companies and investors to lead in the renewables race, it is imperative that they form a consortium with new energy players to support their traditionally petroleum clients. The service providers are using their technical expertise to help customers develop renewable and alternative energy sources such as geothermal, wind, and CCUS.”
