Related Articles
Forward article link
Share PDF with colleagues

BP and Chevron invest in geothermal startup Eavor

CEO of Canadian firm expects other majors to invest in the sector, which is benefiting from a technological renaissance

 The venture capital arms of BP and Chevron invested $40mn in mid-February in Eavor Technologies, a geothermal startup headquartered in Calgary, with a highly innovative method for monetising heat from below the earth’s crust. It may well mark the start of a trend for oil and gas majors to get involved in the sector, newly attracted by its low-carbon credentials and recent technological developments. After being burned by investments in geothermal energy in the past—having been attracted during the 1970s and 1980s as a wave of nationalisations in Opec countries restricted more conventional investment options—majors are only now dipping a toe back into the industry. BP’s investment in Eavor



{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Battery discharge efficiency key – US study
4 August 2021
Long-discharge capability also needed if batteries are to bring down grid power prices
BP doubles renewables pipeline
3 August 2021
Offshore wind investments in US and bids in Scotland will help to decarbonise firm’s portfolio
Israel upgrades climate ambition
2 August 2021
New plan comes at the end of a decade where the energy sector focus has been on developing the country’s offshore gas resources
Sign Up For Our Newsletter
Project Data
PE Store
Social Links
Social Feeds
Featured Video