{"id":107196,"date":"2021-02-16T17:42:37","date_gmt":"2021-02-16T17:42:37","guid":{"rendered":"https:\/\/fin2me.com\/?p=107196"},"modified":"2021-02-16T17:42:37","modified_gmt":"2021-02-16T17:42:37","slug":"chevron-and-bp-back-renewable-start-up-focused-on-geothermal-energy","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/chevron-and-bp-back-renewable-start-up-focused-on-geothermal-energy\/","title":{"rendered":"Chevron and BP back renewable start-up focused on geothermal energy"},"content":{"rendered":"<ul>\n<li>Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round.<\/li>\n<li>BP Ventures and Chevron Technology Ventures are among the backers as big oil companies increase investments in renewable energy.<\/li>\n<li>Eavor is aiming to power the equivalent of 10 million homes by 2030.<\/li>\n<\/ul>\n<p>Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round that included participation from BP Ventures and Chevron Technology Ventures as big oil companies increase investments in renewable energy.<\/p>\n<p>Geothermal power is renewable energy produced from underground heat. The U.S. Department of Energy calls geothermal a &quot;vital clean energy resource,&quot; noting that it emits little to zero greenhouse gases. While adoption rates differ from country to country, on the whole geothermal remains a nascent energy source.<\/p>\n<p>With its new capital, Eavor is looking to commercialize its technology and scale its project pipeline. The company said the on-demand nature of its energy means it can act as a baseload power provider \u2014 that is, it can power the electric grid round the clock. <\/p>\n<p>Coal and natural gas aren&#x27;t clean energy sources, while solar and wind are intermittent power providers.<\/p>\n<p>The company&#x27;s proprietary technology targets issues that have hindered geothermal&#x27;s widescale adoption, including eliminating the need for volcanic temperatures and highly permeable aquifers.<\/p>\n<p>The investment by the venture capital arms of BP and Chevron come as big oil companies increasingly look to diversify their portfolios.<\/p>\n<p>&quot;We see Eavor&#x27;s potential to be complementary to our growing wind and solar portfolios. Our expertise and experience also makes BP well equipped to support Eavor&#x27;s growth,&quot; Felipe Arbelaez, senior vice president zero carbon energy at BP, said in a statement.<\/p>\n<p>Other backers include Temasek, BDC Capital, Eversource and Vickers Venture Partners. Eavor is aiming to power the equivalent of 10 million homes by 2030.<\/p>\n<p>&quot;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,&quot; Eavor president and CEO John Redfern said in a statement.<\/p>\n<p><em>Subscribe <\/em><em>to CNBC PRO<\/em><em> for exclusive insights and analysis, and live business day programming from around the world.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/16\/chevron-and-bp-back-renewable-start-up-focused-on-geothermal-energy.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round. BP Ventures and Chevron Technology Ventures are among the backers as big [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":107195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chevron and BP back renewable start-up focused on geothermal energy - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/chevron-and-bp-back-renewable-start-up-focused-on-geothermal-energy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chevron and BP back renewable start-up focused on geothermal energy - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Canada-based geothermal company Eavor Technologies on Tuesday announced a $40 million funding round. 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