LONDON and MUNICH, Germany and CALGARY, Alberta, Dec. 07, 2021 (GLOBE NEWSWIRE) — Deep Energy Capital, LLP (“Deep Energy”), an independent specialized renewable energy investment house, and Eavor Technologies Inc. (“Eavor”), the preeminent advanced geothermal technology company, announce their cooperation to deploy advanced geothermal technology, Eavor-Loop™, a new source of clean, baseload and flexible heat and power.
Deep Energy will raise capital to develop projects deploying Eavor’s advanced closed-loop geothermal systems. Eavor has committed €10 million in initial funding.
Closed-loop geothermal systems extract heat energy from an isolated network of wellbores, akin to a deep underground radiator. These systems, unlike other forms of geothermal, can be deployed globally to generate clean energy that is dispatchable, flexible and non-intermittent. This unlocks a reliable and consistent energy source that can be used to generate electricity as well as commercial scale heating and cooling.
Initially focusing on European markets, Deep Energy aims to catalyse €5 billion in investment to generate clean energy for over a million homes and avoid over 1.5 million tonnes of CO2 annually.
Dan Phillipson, Managing Partner at Deep Energy, said: “There is a critical urgency to provide all of society with clean, always-available energy. Our partnership with Eavor aims to do, at scale, just that. We see enormous opportunity to build out this resilient infrastructure and develop this differentiated energy source.”
John Redfern, President and CEO at Eavor Technologies, said: “Eavor-Loop is a game changer in reducing risk and making geothermal possible at scale. Electrical power and heating can be delivered with reliability and confidence. No fracking, no emissions, no intermittency. This collaboration with Deep Energy is an important step in financing and unlocking our low carbon future.”
ABOUT DEEP ENERGY CAPITAL
Deep Energy Capital, LLP is an independent, private, owner-managed partnership based in London. The firm was founded in 2021 to make infrastructure investments that provide a highly differentiated source of renewable energy. Development, construction, operation, and financial optimisation of clean, renewable, baseload and dispatchable sources of power and heating is at the core of Deep Energy Capital’s activities. Deep Energy Capital is a firm focused on sustainability and the energy transition.
ABOUT EAVOR TECHNOLOGIES
Eavor (pronounced “Ever”) is a technology-based energy company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean, dispatchable, baseload capable and flexible power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid that is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This radiator simply collects heat from the natural geothermal gradient of the Earth via conduction, at geologically common and drilling accessible rock temperatures. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including bp, Temasek, Chevron Technology Ventures, BHP, Vickers Venture Partners and BDC Capital.
Deep Energy Capital, LLP
Dan Phillipson – Managing Partner
+44 20 3488 1901