The European Innovation Fund awarded €92 million to Eavor Technologies to support constructing a geothermal project south of Munich. Eavor-Loop, an industrial-scale geothermal project, promises global energy security and autonomy. Though the Eavor-Loop technology is well-established globally, producing zero-emission heat and power, this will be the first time the project will serve commercial purposes, said the company in a press release.
The construction for this project has been underway since October 2022, while the drilling will commence in July 2023. After a four-year contract with KCA-Deutag, the drilling rig for this project was set up.
This project will provide clean energy to approximately 20,000 homes and create nearly 600 person-years of drilling services and infrastructure jobs. While producing such a massive amount of energy, this project will avoid GHG emissions of approximately 44,000 tCO2e and 8.2 MWe.
According to Philippe Dumas, Secretary General of the European Geothermal Energy Council, the EU Innovation Fund supports projects that help tackle the energy, climate, and food security crisis alongside meeting the 2030 geothermal targets. “It will increase the security of electricity supply, help decarbonize the district heating sector, reduce greenhouse gas emissions and stimulate technological innovation, all of which could be replicated elsewhere.”