August 30th, 2022 07:30 ET | Source: Eavor Technologies Inc.
CALGARY, Alberta, Canada – August 30th, 2022 (GLOBE NEWSWIRE) — Eavor Technologies Inc. (“Eavor”) is pleased to announce the commencement of their demonstration project to drill the deepest and hottest directional geothermal well in history (called Eavor-Deep™).
Historically, the deeper and higher temperature the rock, the slower and more expensive drilling becomes. Eavor has developed process and technologies to break this paradigm, called Eavor-Loop™, which will be utilized in the upcoming Eavor-Deep™ project, located in southwestern USA, to show linear, and potentially sublinear, drilling costs in super-hot ultra-deep environments.
Building from the portfolio of technologies and methods demonstrated at the Eavor-Lite™ facility near Rocky Mountain House, Alberta, Canada in 2019, the milestones planned at Eavor-Deep™ are designed to evidence the global scalability of Eavor-Loop™.
John Redfern, President & CEO at Eavor, said: “If everything goes according to plan, we will establish a clear line-of-sight to sub US$60 per megawatt-hour costs. This is an important milestone which unlocks an enormous portfolio of Eavor-Loop™ project locations in key US, European and Asia Pacific markets, now.”
Bailey Schwarz, Director, North America Projects at Eavor, said: “Working with our partners and the development team in planning and preparing for this project has been and continues to be a fantastic experience. The strong working relationships we have developed are vital to the success of the project and to the future opportunities we have already identified together.”
Helmerich & Payne, Inc. (“H&P”) is a strategic service provider and shareholder in Eavor having made a direct equity investment in 2021. Building on the companies’ ongoing collaborative effort to improve upon existing state of the art drilling technologies, H&P is providing the drilling rig and associated drilling technologies and services for the Eavor-Deep™ project.
John Lindsay, H&P President and CEO, said: “Improving lives through affordable and responsible energy is a central philosophy at H&P. Getting to know the team at Eavor and their processes and goals, it was easy to see how we could support and complement each other. We are encouraged by the opportunities we see working and innovating together with Eavor.”
Matthew Toews, CTO at Eavor, said: “The collaboration with H&P, particularly in the area of next generation drilling technologies, is a tremendous opportunity for us and we are greatly appreciative of the passion and devotion shown by all involved at H&P.”
Reference link: eavor.com/eavor-deep
ABOUT EAVOR TECHNOLOGIES
Eavor (pronounced “Ever”) is a technology-based energy company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean, dispatchable, baseload capable, and flexible power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid that is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This radiator simply collects heat from the natural geothermal gradient of the Earth via conduction. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including bp, Temasek, Chevron Technology Ventures, BHP, Vickers Venture Partners, H&P and BDC Capital. firstname.lastname@example.org
ABOUT HELMERICH & PAYNE, INC.
Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P strives to operate with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. www.helmerichpayne.com
Reference material: NREL – Techno-economic performance of Eavor-Loop 2.0 – Eavor