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 i
Also in this section
3 July 2025
European Commission introduces new flexibilities for member states to ease compliance with headline goal
1 July 2025
Supportive government policy, deforestation threat and economic opportunity drive forward the region’s monetisation of forest carbon
27 June 2025
TotalEnergies’ delayed FID for its Venus project will likely set back first oil, but Windhoek has other irons in the fire
26 June 2025
Last year was one of records for renewables but also for oil, gas and coal, as the energy transition progresses in an increasingly uneven way, according to the Energy Institute’s latest annual report
