Eavor enters strategic partnership with Japanese energy company Chubu
3D rendering of planned set up and plant at Geretstried (source: Eavor)
Carlo Cariaga
14 Oct 2022
Chubu Electric Power has acquired stake in Eavor Technologies to support the commercialization of the Eavor-Loop technology for closed-loop geothermal.
Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal technology, is pleased to announce that Chubu Electric Power Co., Inc. (“CHUBU”) has entered an agreement to make a direct investment in Eavor and support the commercialization of Eavor-Loop™ technology.
CHUBU is one of the largest energy companies in Japan and has more than seven decades of history in the energy value chain which includes power generation, power transmission/distribution and energy retail business. Aiming for a decarbonized energy company, CHUBU is expanding its business territory on a global basis with the optimal business portfolio, which consists of four domains of (i) “green” business centered on renewable energy, (ii) “blue” business in relation to de-carbonization, (iii) “retail, power transmission and distribution, and new services” and (iv) “new technologies”.
Along with CHUBU’s investment, they will have a representative on Eavor’s Board of Directors. CHUBU’s presence and influence will be of paramount importance as Eavor completes its first projects and enters its global commercialization phase.
The Eavor-Loop™ system differs from conventional geothermal solutions as it uses conduction to retrieve heat from the earth’s subsurface, resulting in a long-term, reliable, predictable and independent supply of renewable energy. This completely closed loop system provides a highly scalable source of heat and power without the typical exploration risk.
Eavor had recently signed an agreement with drilling, engineering, and technology company KCA Deutag for the provision of drilling rigs for the construction of the first Eavor-Loop™ system in Geretsried, Germany.
Mr. Hiroki Sato, Senior Executive Managing Officer at CHUBU, commented: “A technology such as this is a true game-changer and represents a potential transformation to the world’s energy stack, addresses climate change as well as energy autonomy and independence issues simultaneously. CHUBU is excited to be working with Eavor and supporting a solution to some of the world’s most intractable problems. This is an important strategic step for CHUBU fully aligned with our Management Vision 2.0 which defines CHUBU’s efforts to achieve sustainable growth”.
John Redfern, President & CEO at Eavor, stated that: “The opportunity and plan for global deployment of this technology requires partners like CHUBU. The involvement of CHUBU as one of our partners and Board members represents a fantastic endorsement of our technology, its commercialization and global scalability. Ultimately, when it lives up to its potential, Eavor’s solution is not only the missing element needed to fully decarbonize the world’s energy supply, it is also an opportunity for localized economies to obtain resilient, independent, autonomous, domestic energy resources. This changes everything.”
Coinciding with this announcement, Eavor released a new video highlighting the Eavor-Loop™ technology. Check out “Eavor – The Complete Package” in the video below:
Source: Eavor Technologies Inc.
