Evor Lite site.
Source: Eavor Technologies
Canada-based geothermal company Eavor Technologies announced Tuesday a $ 40 million round of funding that included the participation of BP Ventures and Chevron Technology Ventures as major oil companies increase their investments in renewable energy.
Geothermal energy is renewable energy obtained from underground heat. The US Department of Energy calls geothermal energy a “vital source of clean energy,” and states that it emits little to no greenhouse gases. While adoption rates differ from country to country, geothermal energy remains an emerging energy source overall.
Eavor plans to use its new capital to commercialize its technology and scale its project pipeline. The company said the on-demand nature of its energy means it can act as a base load electricity supplier – that is, it can provide power to the grid around the clock.
Coal and natural gas are not clean sources of energy, while solar and wind are intermittent electricity providers.
The company’s proprietary technology targets issues that have hindered the widespread adoption of geothermal energy, including eliminating the need for volcanic temperatures and highly permeable aquifers.
Investing the venture capital arms of BP and Chevron comes as large oil companies increasingly seek to diversify their portfolios.
“We see the potential of Eavor to complement our growing wind and solar portfolio. With our expertise and experience, BP is also well positioned to support Eavor’s growth,” said Felipe Arbelaez, BP’s Senior Vice President Zero Carbon Energy , in a statement.
Other supporters are Temasek, BDC Capital, Eversource and Vickers Venture Partners. Eavor aims to supply 10 million households with electricity by 2030.
“The involvement of companies like BP and Chevron is a fantastic confirmation of our technology, the advances we have made to date, and the promise of its global scalability,” said John Redfern, president and CEO of Eavor, in a statement.
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