Alberta geothermal company receives $135M grant from Europe
Eavor Technologies has developed a multilateral closed-loop geothermal system, consisting of two horizontal boreholes that connect two vertical boreholes.
Eavor Technologies, a Calgary start-up company specializing in geothermal drilling, has secured a €91.6 million grant from the European Investment Fund (C$135 million). It will be used to complete the financing of a geothermal energy production project that will power 20,000 homes in Bavaria, Germany.
This is our first commercial project and it is estimated at 300 million euros [nearly 442 million Canadian dollars], says John Redfern, president and CEO of x27;Eavor.
The project includes, among other things, a geothermal power plant, a network of underground radiators that will be buried 4,500 meters deep and geothermal wells.
In view of the energy crisis, the climate […] this innovative project is of paramount importance, as it will strengthen the security of supply in electricity, will help to decarbonise the district heating sector, reduce greenhouse gas emissions and stimulate technological innovation, Philippe Dumas, Secretary General of the European Geothermal Energy Council, said in a press release. which promotes the geothermal industry in Europe.
The company Eavor Technologies has developed the technology of a closed-loop multilateral geothermal drilling system, which does not pollute the air and which does not need a continuous water supply.
The first stages of construction began in October 2022. Drilling work will begin in July. The geothermal power plant is expected to start producing electricity at the end of 2024.