Energy Transition
On the drawing board: the set-up of the Eavor-Lite pilot project in Canada, demonstrating the basic principles of the Eavor-Loop solution Photo: EAVOR BP and Chevron become part-owners of deep-geothermal innovator Eavor
Canadian start-up attracts US$40 million of new funding from six strategic partners that will help support commercialisation of its technology 16 February 2021 9:38 GMT Updated 17 February 2021 9:43 GMT in London
Oil giants BP and Chevron have become part-owners of Eavor, the Canadian start-up that claims to offer unlimited, on-demand renewable energy anywhere in the world through an innovative deep-geothermal solution.
The two oil majors were among six strategic investors that took part in a US$40 million funding round, and both are now likely to further assist Eavor financially and practically as the company builds out its first commercial projects.
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