The FootPrint Coalition is reporting on a startup working on geothermal energy.
Eavor Technologies, an Alberta, Canada-based startup, has raised $182 million for its innovative geothermal energy technology. This technology, known as EavorLoop, is a closed-loop system that offers a scalable solution to harnessing the Earth's core heat. The funding round was led by OMV AG and included participation from several other investors, reflecting confidence in Eavor's approach to geothermal energy. Unlike traditional geothermal systems that often require fracking and can have environmental concerns, EavorLoop claims to have the "most benign environmental footprint in the world" and offers a continuous, clean, and reliable energy source. This system is distinct in that it can provide a baseload power supply, constantly circulating fluid to harvest heat for electricity or commercial heating, without the standby power losses typical in other systems. The company is expanding globally, with projects in Germany, Texas, California, New Mexico, and across Europe, and aims to contribute significantly to global decarbonization efforts in heat and power markets.
Source: The FootPrint Coalition
(This article was written with assistance from ChatGPT)