Deep Energy and Eavor forms partnership to deploy closed-loop geothermal technology

Eavor Technologies pilot project in Alberta, Canada (source: company)

London-based renewable energy investment firm Deep Energy Capital, LLP (Deep Energy) and Eavor Technologies Inc. (Eavor) has announced a collaboration to deploy the Eavor-Loop closed-loop geothermal technology.

Eavor has committed €10 million in initial funding while Deep Capital aims to catalyze €5 billion in investment. Deployment will initially focus on European markets. The aim is to generate clean energy for over a million homes, thereby avoiding over 1.5 million tonnes of CO2 emissions annually.

We have reported extensively on the Eavor-Loop geothermal technology, a closed-loop system that uses an isolated network of connected wellbores. More recently, Eavor celebrated the two-year anniversary of the Eavor-Lite demonstration plant in Alberta, Canada. Over the two years, Eavor-Lite generated more than 11,250 MWh of energy and successfully demonstrated the viability of the technology.

“There is a critical urgency to provide all of society with clean, always-available energy. Our partnership with Eavor aims to do, at scale, just that. We see enormous opportunity to build out this resilient infrastructure and develop this differentiated energy source.” said Dan Phillipson, Managing Partner at Deep Energy.

“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. No fracking, no emissions, no intermittency. This collaboration with Deep Energy is an important step in financing and unlocking our low carbon future.” said John Redfern, President and CEO at Eavor Technologies.

Source: Yahoo! Finance