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Chevron and BP fund geothermal startup to provide power worldwide

The VC arms of Chevron and BP are funding Eavor, a startup looking to commercialize a form of geothermal energy that it says can provide large-scale power in many regions worldwide.Why it matters: It's the latest sign of momentum and investor interest behind technology that could significantly scale up geothermal.Get market news worthy of your time with Axios Markets. Subscribe for free.It's a very old power and heat source that remains very niche compared to the immense theoretical potential of tapping high subsurface temperatures. The big picture: The participation of Chevron and BP shows how oil giants are diversifying into clean energy — and in this case, a form of geothermal that borrows the industry's drilling and geological know-how.Driving the news: Calgary-based Eavor this morning announced a $40 million funding round. Other backers are investment firms Temasek, BDC Capital, and Vickers Venture Partners, and Eversource."These investments, and the par ....

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