Eavor awarded €91.6 million grant to support Eavor-Loop project
Eavor has been awarded a €91.6 million grant from the EIF to support the first commercial deployment of the Eavor-Loop technology in Geretsried, Germany.
Eavor Technologies Inc. and Eavor Erdwärme Geretsried GmbH (Eavor) have been awarded a grant of €91.6 million from the European Innovation Fund (EIF) in support of the Eavor-Europe geothermal project that is already under construction near the town of Geretsried in Bavaria, Germany.
The Eavor-Europe project will be the first commercial implementation of the Eavor-Loop technology. It consists of multiple large underground radiators where clean fresh water will circulate to carry heat to the surface. This technology aims to deploy geothermal virtually anywhere by not relying on factors such as good permeability and the presence of an existing aquifer.
The groundbreaking for the Eavor-Europe project was held on October 2022 and drilling is scheduled to commence by July 2023. Two of Europe’s largest drilling rigs are already under a four-year contract with KCA-Deutag. An Organic Rankine Cycle (“ORC”) power plant is being designed and constructed simultaneously with drilling operations in collaboration with Turboden S.p.A., with the first energy production scheduled for Q4, 2024.
The project will result in 8.2 MWe and ~44,000 tCO2e GHG emissions avoided per year including anticipated heat offtake and power sales. Eavor estimates that ~20,000 homes will be powered with clean energy harnessed from the Earth and up to 600 person-years of drilling services and powerplant/infrastructure jobs will be created during the construction phase of the project.
“I’d like to thank the European Commission. We at Eavor are humbled to be included in the EIF program alongside so many prestigious European multinationals. We believe this first commercial Eavor-Loop™ will open the floodgates to the broad implementation of what is the first truly scalable form of green baseload energy. In this way, we hope to help Europe solve its twin existential threats of Climate Change and lack of Energy Autonomy,” said John Redfern, Eavor President, CEO, and Co-Founder.
“I’m glad to see the EC Innovation Fund supporting the geothermal project submitted by Eavor GmbH to commercially demonstrate innovative renewable district heating and power supply in Geretsried, Germany. Given the energy, climate and food security crisis as well as the need to meet the tripling of the geothermal target by 2030, this innovative project is of paramount importance: it will increase the security of electricity supply, help decarbonise the district heating sector, reduce greenhouse gas emissions and stimulate technological innovation all of which could also be replicated elsewhere,” commented Philippe Dumas, Secretary General at the European Geothermal Energy Council (EGEC).
“Eavor would like to thank regional stakeholders, the Bavarian/German Governments, the community, and operational partners generally. Eavor, and its project partners, Chubu Electric Power Co., Inc. and Enex Power Germany GmbH, are honoured to be so welcomed and supported by all,” added Daniel Mölk, President at Eavor GmbH.
Source: Eavor Technologies Inc.