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Deep Energy Capital and Eavor Technologies to build 5 geothermal projects as construction gathers pace at their first European site

By District Energy posted 12-09-2022 07:32

  

Yahoo! Finance

Summary

Deep Energy Capital, LLP, an independent specialized renewable energy investment firm, and Eavor Technologies Inc., the preeminent advanced geothermal technology company, have agreed to develop, finance, construct and operate geothermal projects deploying Eavor’s advanced geothermal technology: Eavor-Loop™.

Deep Energy will finance at least five projects, requiring up to €1 billion, from Eavor’s growing European and North American project pipeline. The projects will deliver continuous renewable power and heat and are expected to benefit from long-term feed-in-tariffs and fixed price off-take contracts underpinned by the growing value of resilient and local sources of clean energy.

Eavor’s closed-loop geothermal systems extract heat energy from an isolated network of wellbores, akin to a deep underground radiator. Together, the five closed-loop projects are expected to generate over 2,500 GWh (thermal) of clean energy and save over 500,000 tonnes of CO2 annually, for at least 30 years. In October 2022, Eavor announced the start of construction at its Geretsried geothermal site and a Heat Purchase Agreement (HPA) with enercity AG to supply clean heat to Hannover’s district heating network.

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