Chevron fund buys into geothermal & heat power developer Baseload Capital
With an $25 million investment into Baseload Capital, Chevron's technology venture fund buys into second geothermal company this year. Initial project is a geothermal power project in the U.S.
Swedish investment and development firm Baseload Capital, has successfully closed a $25 million funding round with Chevron Technology Ventures as a new strategic investor. As an initial outcome of the alliance, Chevron Technical Center and Baseload Capital have already signed a letter of intent to investigate a potential pilot project in California.
“In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets,” says Baseload Capital CEO Alexander Helling. “We couldn’t have asked for a better one. Chevron complements our group of owners, and adds expertise in drilling, engineering, exploration and more. These assets will accelerate our ability to deploy heat power, and strengthen our way of working.”
The potential pilot projects and commercial projects with Chevron Technical Center are designed to advance lower-carbon energy production. As Baseload Capital continues to develop heat power plants worldwide, Baseload and Chevron will look for commercial heat power opportunities in common geographies where Chevron operates. Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat.
“Chevron’s investments in geothermal power reflects our ongoing efforts to help advance the world’s transition to a lower carbon future,” said Barbara Burger, vice president, innovation and president of technology ventures at Chevron. “We look forward to working with Baseload Capital to expand geothermal resources in the U.S. and internationally.”
Source: company release by email