- Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round.
- BP Ventures and Chevron Technology Ventures are part of investors.
- Eavor believes the investment is an endorsement of its technology and its global scalability.
Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round that saw oil companies such as BP Ventures and Chevron Technology Ventures increase their renewable energy investments. Other investors include Temasek, BDC Capital, Eversource and Vickers Venture Partners.
Eavor intends to use the funds from this investing round to commercialize its proprietary technology and scale its project pipeline. The company’s technology resolves issues that have delayed the widespread adoption of geothermal energy; including eliminating the need for volcanic temperatures and highly permeable aquifers.
The investment by BP and Chevron is part of the increasing portfolio diversification by big oil companies. “We see Eavor’s potential to be complementary to our growing wind and solar portfolios. Our expertise and experience also make BP well equipped to support Eavor’s growth,” Felipe Arbelaez, senior vice president of zero-carbon energy at BP, said in a statement.
Eavor president and CEO John Redfern acknowledged that BP and Chevron’s involvement represents a fantastic endorsement of their technology, the progress we have made to date, and the promise for its global scalability. Eavor aims to generate enough power to electrify10 million homes by 2030.