Eavor and Deep Capital to build five geothermal projects

Eavor-Loop closed-loop geothermal system conceptual model (source: YouTube screenshot, Eavor)

Deep Energy Capital, LLP (“Deep Energy”), an independent specialized renewable energy investment firm, and Eavor Technologies Inc. (“Eavor”), the preeminent advanced geothermal technology company, have agreed to develop, finance, construct and operate geothermal projects deploying Eavor’s advanced geothermal technology: Eavor-Loop™.

Deep Energy will finance at least five projects, requiring up to €1 billion, from Eavor’s growing European and North American project pipeline. The projects will deliver continuous renewable power and heat and are expected to benefit from long-term feed-in-tariffs and fixed price off-take contracts underpinned by the growing value of resilient and local sources of clean energy.

The collaboration between Deep Energy and Eavor was announced about a year ago with the aim of raising capital for the deployment of Eavor-Loop closed-loop geothermal technology.

Eavor’s closed-loop geothermal systems extract heat energy from an isolated network of wellbores, akin to a deep underground radiator. Together, the five closed-loop projects are expected to generate over 2,500 GWh (thermal) of clean energy and save over 500,000 tonnes of CO² annually, for at least 30 years. In October 2022, Eavor announced the start of construction at its Geretsried geothermal site and a Heat Purchase Agreement (HPA) with enercity AG to supply clean heat to Hannover’s district heating network.

“This agreement with Eavor unlocks geothermal’s potential and creates a path to scalability by aligning projects to infrastructure investors’ risk and return profile. We see enormous opportunity to build out this resilient infrastructure and provide communities with dependable clean heating and power,” said Deep Energy Managing Partner Dan Phillipson.

“Eavor-Loop is a game changer in reducing risk and making geothermal possible at scale. Electrical power and heating can be delivered with reliability and confidence. This collaboration with Deep Energy is an important step in commercializing, financing and unlocking our low carbon future,” said Eavor President and CEO John Redfern.

Source: Eavor Technologies