Alex Vetsak featured in SPE International livestream to discuss insulated drill pipe technology
Moderated by Janelle Daniel, SPE International featured Eavor’s Drilling Technology Manager Alex Vetsak in a livestream titled Powering Performance – Engineering with Data & the Energy Expansion. Vetsak outlined Eavor’s use of Insulated Drill Pipe (IDP) technology and the key advantages it offers when drilling hotter and deeper Next-Generation Geothermal wells. In the case of geothermal well construction, as he explains, hotter subsurface rock, allows for an increase in total energy output per well. Therefore, developers will always drill deeper to extract more heat from higher temperature sources.
Eavor creating a lasting impact from the Geothermal Rising Conference with Next-Generation solutions
In a Sierra Club magazine feature article, Eavor stood out as one of the key companies that left a lasting impression at the Geothermal Rising Conference held in Reno last year. Independent journalist Stephen Robert Miller attended the conference in October 2023 and had the opportunity to not only witness Eavor’s trademark Obelisk but also to converse with leaders in the geothermal industry, including Eavor CEO John Redfern. Miller attended the conference to better understand the current commercial and financial status of geothermal technology in the United States. He concluded that it holds exponential promise for the distribution of clean energy and can effectively help replace fossil fuels nationwide; however, there are policy and economic challenges it has yet to conquer.
Eavor and Kajima Partnership Featured in BNN
Eavor recently announced a new partnership with Japanese construction giant Kajima Corporations, and since then, the “strategic alliance” gained attention from BNN Breaking. The BNN article written by María Alejandra Trujillo emphasizes the significance of this new investment and highlights how the partnership benefits both parties in their sustainability ambitions. Kajima’s investment to Eavor’s Series B funding has been described as a “pivotal moment” for Eavor that solidifies its global presence. Furthermore, it contributes vitality to Eavor’s strive in revolutionizing the energy sector.
Eavor Among Top Disclosed Deals in Canadian Venture Capital Market
Eavor’s Series B funding made noteworthy statistics in the Canadian Venture Capital Market Overview of 2023, a report written by the Canadian Venture Capital & Private Equity Association (CVCA). Eavor emerged as one of the two largest disclosed deals in the last quarter of 2023 and ranked among the top ten disclosed Canadian Venture Capital deals for the entire year. The company attracted early stage investments in Q4 that totaled $124 million from Canadian and international investors, and gained a total capital raise of $182 million for its Series B financing.
Bill passed in New Mexico set to boost substantial geothermal power in the state
The New Mexico Senate unanimously approved three new bills prioritizing environmental initiatives, notably including House Bill 91, or the Geothermal Resources Project Fund. This legislation allocates $2.5 million towards future geothermal energy projects, tapping into the Earth’s subsurface heat for electricity generation, hot water provision, and heating and cooling solutions. Additionally, the bill establishes a geothermal projects fund and revolving loan fund to facilitate grants and loans for project financing and cost-benefit studies.
RBC Climate Action Institute platforms Eavor as a case study in reducing Canadian emissions
RBC Climate Action Institute has introduced Eavor as a case study for how to tackle challenges Canada faces in transitioning away from fossil fuels. Eavor’s technology, as explained by Redfern, taps into the immense potential of geothermal energy by harnessing the heat from hot subsurface rock, a resource readily available across the globe. This innovative approach not only yields zero greenhouse gas emissions and mitigates air pollution but it also minimizes water usage and has a small surface footprint.
Go-Anywhere geothermal estimated to be close to a $1 trillion investment breakthrough
Geothermal is estimated to be near a “breakthrough” that could accumulate US$1 trillion in investments by 2050, according to a recent article published by Wood Mackenzie. While conventional geothermal is restricted to niche geologies that have a high thermal gradient at a shallow depth, Next-Generation Geothermal has the capacity to be implemented across the planet. In Eavor’s case, Eavor-Loop™ systems can extract energy from zero permeability rock with an average thermal gradient, which is more common to find in subterranean landscapes.
National Observer Advocates Eavor’s Geothermal for District Heating Networks in Canada
An article in the National Observer, an opinion piece that advocates for geothermal as a replacement for fossil fuels in Canada’s district heating networks, highlights Eavor as a key entity in a transition to zero-carbon energy. Within the context of climate change and Canada’s environmental policies, the article affiliates Next-Generation Geothermal as the main contender to seamlessly reduce emissions and provide clean energy that’s always-on.
Next-generation geothermal energy scaling worldwide at an unprecedented rate
Geothermal energy has become one of the fastest-growing non-mainstream clean energy technologies in the world, according to S&P Global Commodity Insights. While conventional methods for harnessing geothermal power have been limited by geographical and geological constraints, next-generation technologies have innovated to unlock virtually unlimited potential. Over the past three years, the rise of start-up companies and substantial investments from major energy players underscores the rapid growth of next-gen geothermal. These advancements have raised over $630 million in funding and garnered support from leading global energy companies.
Eavor signs a geothermal action plan in the Netherlands
In an ongoing effort to develop clean and reliable energy for the Netherlands, Eavor has recently signed an action plan to accelerate geothermal energy in North Brabant. This initiative, driven by the province of North Brabant, the municipality of Helmond, and the Dutch government -owned company EBN B.V., aims to accelerate geothermal energy production in the region. Initiatives outlined in the action plan will focus on areas such as addressing obstacles in the Ruhr Valley, enhancing geological data accuracy, mitigating financial risks, and optimizing existing heating networks for sustainability. Additionally, the plan includes research into the potential of shallow geothermal energy.
Eavor’s CBO Paul Cairns demonstrates investment potential of Eavor’s technology
An opinion piece written by Eavor’s Chief Business Development Officer Paul Cairns was recently published in The Future Economy, highlighting the vast potential of investing in Eavor’s technology. In the context of a growing energy demand worldwide, the International Energy Agency stated that the world requires an excess of C$20 trillion of investment in energy supply to meet this pressing demand. Furthermore, BlackRock has stated that the Sustainable Development Goals are calling for an increase in renewable energy investment by the end of this decade to address this issue.
Eavor-Europe™ paving a path for geothermal’s increased global competitiveness
Eavor EVP – Corporate Affairs Jeanine Vany and Chief Technology Officer Matt Toews draw parallels between Bavaria and Alberta to demonstrate insights about learning curves and setting regulatory foundations. In an article written for the Daily Oil Bulletin, Vany explains Eavor’s learning-by-doing process that has been central to developing projects, one that the oil and gas industry has used for decades. She emphasized the wealth of subsurface data in Germany which ultimately allowed for Geretsreid well planning and execution and described the significance of leveraging real time drilling data to make future drilling cheaper and more efficient on a project times scale.
