Canada-based geothermal energy technology developer Eavor Technologies secured $40m yesterday in a round backed by oil and gas producers BP and Chevron and the pension fund of utility Eversource Energy.
BP and Chevron invested through their respective corporate venturing units, BP Ventures and Chevron Technology Ventures, while Eversource Retirement Plan Master Trust, the pension fund of utility Eversource Energy also participated in the round.
Singaporean state-owned investment firm Temasek, Vickers Venture Partners and BDC Capital filled out the round.
Eavor’s technology generates energy by using the natural heat of the earth to increase the temperature of a specialised fluid which is then circulated through a closed network of underground wellbores.
The nature of Eavor’s geothermal energy enables it to be supplied on demand and produces zero carbon dioxide emissions. The company is aiming to power the equivalent of 10 million homes by 2030.
John Redfern, president and CEO of Eavor, said: “I am delighted that with the funding closed in this round we can look forward to bringing down the cost of clean, dispatchable power to a universally competitive level – an important milestone for renewable energy.
“The involvement of companies such as BP and Chevron represents a fantastic endorsement of our technology, the progress we have made to date and the promise for its global scalability.”
Eavor raised $11.3m for its series A round from investors including Vickers Venture Partners in September 2019.