Global energy majors lead pivot to Eavor’s geothermal solution with USD$40 million investment
- Eavor’s solution is the world’s first truly scalable form of clean dispatchable power
- This investment will support Eavor’s aim to power the equivalent of 10 million homes by 2030
- Investors in this round Include: bp Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource1 and Vickers Venture Partners
CALGARY, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Eavor Technologies Inc., the leader in scalable geothermal technology, has completed a USD$40 million (CAD$50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline.
Eavor’s technology, known as Eavor-Loop™, uses the natural heat of the earth like a giant rechargeable battery. Fluids are heated by the earth and circulated in a closed network of underground wellbores, unlocking a reliable and consistent energy source. Eavor’s technology differs from other forms of geothermal in that it is a scalable “go anywhere” solution, harvesting geothermal heat to generate dispatchable power with zero emissions.
In addition to Eavor-Loop’s™ environmental benefits, the consistency of its heat harvesting gives it the potential to directly replace the traditional forms of baseload power such as coal and nuclear. The dispatchable nature of its design also makes Eavor-Loop™ a form of energy storage and thus singularly complementary to intermittent power sources like wind and solar.
The investments will also bolster Eavor’s on-going research and development efforts to drive the cost of Eavor-Loop’s™ clean dispatchable power to a price point that is competitive in all markets.
Felipe Arbelaez, bp’s svp zero carbon energy, said: “We see Eavor’s potential to be complementary to our growing wind and solar portfolios. Our expertise and experience also makes bp well equipped to support Eavor’s growth. Technology such as Eavor’s has the potential to deliver geothermal power and heat and help unlock a low carbon future.”
John Redfern, President & CEO, Eavor Technologies Inc., added: “I am delighted that with the funding closed in this round we can look forward to bringing down the cost of clean, dispatchable power to a universally competitive level – an important milestone for renewable energy. The involvement of companies such as bp and Chevron represents a fantastic endorsement of our technology, the progress we have made to date and the promise for its global scalability.”
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 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 which 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, at geologically common and drilling accessible rock temperatures. Further inquiries: Eavor Technologies Inc.: www.eavor.com
About bp Ventures:
bp ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, bp has invested almost $700 million in technology companies across more than 31 active investments with more than 250 co-investors. Venturing plays a key role in bp’s strategy to tackle the dual challenge of meeting the world’s need for more energy, while at the same time reducing carbon emissions. bp ventures focuses on connecting and growing new energy business. It makes strategic equity investments across a portfolio of relevant technology businesses including advanced mobility, low carbon and digital. For more information visit: bp.com/ventures
About Chevron Technology Ventures:
Chevron Technology Ventures (CTV) pursues and invests in externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. The Eavor investment came from Chevron’s Core Venture Fund which invests in technology that has the potential to add efficiencies to Chevron’s core business in the areas of operational enhancement, digitalization, and lower carbon operations including geothermal. For more information, visit www.chevron.com/technology/technology-ventures
About Vickers Venture Partners:
Vickers Venture Partners is a global venture capital firm focused on early-stage investments in the technological and geographical mega trends of the world. The firm’s portfolio covers life sciences, technology, media, and telecommunications as well as consumer and financial services. The partners’ track records include hits such as Baidu.com, Inc, Focus Media Holding Ltd, Kongzhong Corp, Cambridge Real Estate Investment Trust, Sunfun Info Co., Asian Food Channel (trade sale), UUCUN (trade sale), TWG Tea (trade sale), RTG Asia (trade sale), JJE (trade sale), Hillstone (trade sale, IPO), M-Daq (trade sale), Tenfen (trade sale), Kuyun (trade sale) and Mainspring (trade sale). The total market value of the companies that the partners have helped grow exceeds US$50 billion today. Vickers Venture Partners announced that they are targeting to raise US$500 million for their latest fund VI and have started investing from it after their first close in Oct 2019. Vickers Venture Partners was founded by Dr Finian Tan together with his co-founders Dr Khalil Binebine, Dr Jeffrey Chi, Dr Damian Tan, Linda Li and Raymond Kong in 2005. It is headquartered in Singapore with offices in Shanghai, Hong Kong, New York, San Diego, Silicon Valley and London. - www.vickersventure.com
Eversource (NYSE: ES) transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. Celebrated as a national leader for its corporate citizenship, Eversource is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2020 and recognized as one of America’s Most JUST Companies. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally-recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit Eversource, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
Temasek is an investment company with a net portfolio value of S$306 billion (US$214b) as of 31 March 2020. Our three roles as an Investor, Institution and Steward, as defined in our Temasek Charter, shape our ethos to do well, do right and do good. Our investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. We actively seek sustainable solutions to address present and future challenges, as we capture investment and other opportunities that help to bring about a better, smarter and more sustainable world. Headquartered in Singapore, we have 11 offices around the world. For more information on Temasek, please visit www.temasek.com.sg.
1 Investor is: Eversource Retirement Plan Master Trust