Companies including the venture arms of BP and Chevron invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface.
Eavor Technologies plans to expand geothermal power beyond places like Iceland that have volcanic conditions.
The technology could be a way to replace fossil fuels and nuclear power plants as a low-carbon source of electricity that can be dispatched to the grid whenever it’s needed.
Along with BP and Chevron, new investors in the Calgary, Canada-based company include Temasek Holdings, BDC Capital Corp, Eversource and Vickers Venture Partners.
Read original full article
#Geothermal
#Investment
#Oil
Atlantis Viewpoint
The startup (Eavor’s) plans to use the $40 million investment capital on researching and business development that will help the company scale up and bring down costs. The targeted capacity could be supplying clean energy for 10 million homes by 2030.
The idea of big oil supporting a world driven by clean energy could sound as science fiction some years ago. Now, - and although very slowly - the world seems to be changing in the right direction. Using the investment and experience gained from old fossil fuel extraction in a smarter way can boost a clean and healthy world for us all to live in.
