Deep Energy will finance at least five projects, requiring up to €1 billion, from Eavor's growing European and North American project pipeline. The projects will deliver continuous renewable power and heat and are expected to benefit from long-term feed-in-tariffs and fixed price off-take contracts underpinned by the growing value of resilient and local sources of clean energy.
Eavor’s closed-loop geothermal systems extract heat energy from an isolated network of wellbores, akin to a deep underground radiator. Together, the five closed-loop projects are expected to generate over 2,500 GWh (thermal) of clean energy and save over 500,000 tonnes of CO2 annually, for at least 30 years. In October 2022, Eavor announced the start of construction at its Geretsried geothermal site and a Heat Purchase Agreement (HPA) with enercity AG to supply clean heat to Hannover’s district heating network.
Dan Phillipson, Managing Partner at Deep Energy, said, “This agreement with Eavor unlocks geothermal’s potential and creates a path to scalability by aligning projects to infrastructure investors’ risk and return profile. We see enormous opportunity to build out this resilient infrastructure and provide communities with dependable clean heating and power.”
John Redfern, President and CEO at Eavor Technologies, said, “Eavor-Loop is a game changer in reducing risk and making geothermal possible at scale. Electrical power and heating can be delivered with reliability and confidence. This collaboration with Deep Energy is an important step in commercializing, financing and unlocking our low carbon future.”
Eavor and Deep Energy announced an initial collaboration agreement in 2021.
