Agreement signed to evaluate closed-loop geothermal for Bulgaria and SE Europe
Signing of Strategic Collaboration Agreement between Hyper Energy and Eavor Technologies (source: Hyper Energy)
Carlo Cariaga
7 Nov 2024
Hyper Energy and Eavor Technologies will be collaborating to identify geothermal development opportunities in Bulgaria and Southeast Europe.
New generation energy company Hyper Energy AD (Hyper Energy) has signed a Strategic Collaboration Agreement with Eavor Technologies Inc (Eavor) to identify and evaluate new geothermal energy development opportunities in Bulgaria and Southeast Europe.
This partnership aims to leverage Eavor’s cutting-edge closed-loop geothermal technology, the combined subsurface exploration and development expertise of both companies and Hyper Energy’s in-depth knowledge and experience of southeast European geology to unlock new opportunities to accelerate investment and growth in sustainable geothermal power, heating, and cooling development projects across the region.
The first stage of the collaboration will focus on conducting comprehensive screening studies and market supply chain evaluations to identify areas of mutual interest, before moving on to the evaluation of the most prospective areas for the economic development of these next-generation geothermal energy projects. Both parties are committed to sharing expertise, resources, and costs to drive the success of these initiatives.
Hyper Energy is a Bulgaria-based new generation energy company, designed for the energy transition and specialising in the acquisition and development of geothermal energy and other transitional energy assets. The company is focused on acquiring, developing, and operating the transitional energy assets of the future, within a more decentralized, interconnected energy ecosystem that not only generates, but also stores and distributes renewable energy efficiently, utilizing both established and emerging technologies.
Eavor is currently working on the first commercial-scale deployment of their Eavor-Loop™ closed-loop geothermal technology in Gerestried, Germany. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including Vickers Venture Partners, bp Ventures, OMV, Chubu Electric Power, Temasek, BHP Ventures, the Canada Growth Fund, BDC Capital, Kajima Corporation, and Microsoft Climate Innovation Fund.
This Strategic Collaboration Agreement reflects the shared vision of Hyper Energy and Eavor to innovate and lead in the field of geothermal energy, contributing to a sustainable and secure energy future for the region.
Source: Hyper Energy via OpenPR
