Geothermal tech firm Eavor Technologies announced it has raised US$40 million in a new financing round from BP Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource Retirement Plan Master Trust, and Vickers Venture Partners.
Eavor is an energy company that uses technology to help eliminate issues in the geothermal solutions industry. Its system, known as Eavor-Loop, uses the natural heat of the earth and circulates it through a network of underground wellbores, creating a consistent energy source.
Funds raised from the financing round will be used to bolster the company’s research and development efforts to drive the cost of its clean dispatchable power to a price point that would be competitive in all markets.
“We see Eavor’s potential to be complementary to our growing wind and solar portfolios,” said Felipe Arbelaez, senior vice president of Zero Carbon Energy at BP.
Eavor aims to provide its geothermal technology services to about 10 million homes by 2030. The consistency of its heat harvesting also provides the potential to replace traditional forms of baseload power such as coal and nuclear power.
The company is set to capitalize on the growing need for global geothermal power as the market is poised to hit US$6.8 billion by the end of 2026, according to Allied Market Research.