BP and Chevron invest in the earth

Eavor Technologies has completed a USD$40m funding round for its Eavor-Loop, a process that circulates fluid in a closed-loop to draw heat and use the earth as a battery. Both BP Ventures and Chevron Technology Ventures are amongst the investors.

Eavor’s technology differs from other forms of geothermal in that it is a scalable solution, harvesting geothermal heat to generate dispatchable power with zero emissions.

The consistency of its heat harvesting gives it the potential to directly replace the traditional forms of baseload power such as coal and nuclear and the nature of its design also makes it form of energy storage complimentary to intermittent power sources like wind and solar.

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