growth of geothermal market

Promising Growth of the Geothermal Energy Market

Startup Savant recently featured Eavor Technologies in an article about the promising growth of the geothermal energy market as technology improves. The article addresses the promise of geothermal, where “geothermal resources allows the generation of clean energy without fossil fuels.” This is especially important because approximately two-thirds of the electricity generated in the US comes from fossil fuels.

The new emerging technologies in the geothermal industry provide the opportunity for geothermal to be used in more widespread locations, instead of being limited to locations where underground water and stream reservoirs are close to the surface.

The article states: “According to Allied Market Research, the global geothermal power market was worth $4.6 billion in 2018 and is projected to reach $6.8 billion in 2026. It employs about 35,000 people in the US alone.” Specifically, “the Asia-Pacific region is expected to see the strongest expansion of geothermal energy by 2026, in part because many of its low-income and rural communities will have access to electricity by then.”

Startup Savant features Eavor Technologies in their list of Geothermal Energy Companies to Watch. Eavor, with $64.9 million total funding, is mentioned for “[developing] the world’s first truly scalable form of clean, baseload, and dispatchable power.” It’s closed-loop system (www.eavor.com/technology) allows it to be used in more diverse areas around the world because it doesn’t require highly permeable aquifers at volcanic-like temperatures. The article states: “This solution bests other geothermal systems by eliminating fracking, greenhouse gas emissions, and earthquake risks.”

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