Eavor’s next-generation geothermal project awarded €91,6 million grant from the European Innovation Fund
Source: Eavor Erdwärme Geretsried GmbH
DÜSSELDORF, Germany, March 09, 2023 (GLOBE NEWSWIRE) -- Eavor Technologies Inc. and Eavor Erdwärme Geretsried GmbH (together “Eavor”), the leader in globally scalable geothermal closed-loop technology, has been awarded a €91,6 million grant from the European Innovation Fund (“EIF”), in support of the Eavor-Europe™ geothermal project already under construction in Bavaria south of Munich near the town of Geretsried, Germany.
The project is the world’s first commercial implementation of an Eavor-Loop™, a showpiece of the zero-emissions heat and power production capabilities of next-generation geothermal technology, and a flagship site for the fundamental ability of Eavor-Loop™ to provide energy security and autonomy, globally.
Construction began in October 2022, with drilling scheduled to commence in July 2023. Two of Europe’s largest drilling rigs are already under a four-year contract with KCA-Deutag. An Organic Rankine Cycle (“ORC”) power plant is being designed and constructed simultaneously with drilling operations in collaboration with Turboden S.p.A., with the first energy production scheduled for Q4, 2024.
John Redfern, President, CEO and Co-Founder at Eavor Technologies Inc., stated: “I’d like to thank the European Commission. We at Eavor are humbled to be included in the EIF program alongside so many prestigious European multinationals. We believe this first commercial Eavor-Loop™ will open the floodgates to the broad implementation of what is the first truly scalable form of green baseload energy. In this way, we hope to help Europe solve its twin existential threats of Climate Change and lack of Energy Autonomy”.
The project will result in 8,2 MWe and ~44.000 tCO2e GHG emissions avoided per year including anticipated heat offtake and power sales. Eavor estimates that ~20.000 homes will be powered with clean energy harnessed from the Earth and up to 600 person-years of drilling services and powerplant/infrastructure jobs will be created during the construction phase of the project.
Philippe Dumas, Secretary General at the European Geothermal Energy Council, stated: “I’m glad to see the EC Innovation Fund supporting the geothermal project submitted by Eavor GmbH to commercially demonstrate innovative renewable district heating and power supply in Geretsried, Germany. Given the energy, climate and food security crisis as well as the need to meet the tripling of the geothermal target by 2030, this innovative project is of paramount importance: it will increase the security of electricity supply, help decarbonise the district heating sector, reduce greenhouse gas emissions and stimulate technological innovation all of which could also be replicated elsewhere.”
Daniel Mölk, President at Eavor GmbH, stated: “Eavor would like to thank regional stakeholders, the Bavarian/German Governments, the community, and operational partners generally. Eavor, and its project partners, Chubu Electric Power Co., Inc. and Enex Power Germany GmbH, are honoured to be so welcomed and supported by all.”
The Eavor-Loop™ at Geretsried, Germany will provide clean baseload energy for district heating and power generation. It consists of multiple large underground radiators buried at 4.500 metres. Operating under a natural thermosiphon requiring no pump and no aquifer, clean fresh water will circulate through the radiator carrying the heat to surface.
With no greenhouse gas (GHG) emissions during operation, Eavor-Loop™ will avoid almost 100% of the emissions compared to the reference scenario. Eavor-Loop™ is also an environmentally friendly solution: it can be installed virtually anywhere providing the EU with a scalable, secure source of renewable heat and power. An on-site visitor centre will be built and open to the public interested to know more about the technology and the operations of this first-of-kind implementation. – Eavor-Europe™ Webpage
About the European Innovation Fund (EIF)
With projected revenue of more than €38 billion by 2030 from the EU Emissions Trading System (ETS), the Innovation Fund aims to create the right financial incentives for companies and public authorities to invest in the next generation of low-carbon technologies and give EU companies a first-mover advantage to become global technology leaders. The EIF focuses on highly innovative technologies and big flagship projects within Europe. The European Commission is tasked with overall management and implementation of the fund and has designated the European Climate, Infrastructure and Environment Executive Agency (CINEA) as the implementing body of the fund.
The first call for large-scale projects awarded grants of €1,1 billion to 7 projects in energy-intensive industries, hydrogen, carbon capture, use and storage, and renewable energy.
The projects selected under the €1,8 billion second call for large-scale projects were evaluated by independent experts based on their ability to reduce greenhouse gas emissions compared to traditional technologies and to innovate beyond the state-of-the-art, while being sufficiently mature for deployment. Other selection criteria included the projects' potential for scalability and cost effectiveness. – Innovation Fund
Reference material: Innovation Fund projects (europa.eu)
About Eavor Technologies Inc.
Eavor (pronounced “Ever”) is a technology-based energy company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean, dispatchable, and flexible power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid that is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This radiator simply collects heat from the natural geothermal gradient of the Earth via conduction. email@example.com | Eavor.com
About KCA Deutag
With over 130 years of experience, KCA Deutag is a leading drilling, engineering and technology company working onshore and offshore with a focus on safety, quality and operational performance. We operate approximately 81 drilling rigs in 14 countries, either directly or through our affiliates, employing people in Africa, Europe, the Middle East, the Caspian Sea and Canada. KCA Deutag consists of our business units: Land, Offshore and Kenera. Land and Offshore are our operational divisions delivering safe, effective, trouble-free operations across 20 countries. Kenera brings together our design and engineering specialists RDS and land rig and oilfield manufacturer Bentec under one business unit. Kenera was established to expand our offering in both hydrocarbons and energy transition markets, with three dedicated segments covering innovative services, technology and engineering, and manufacturing. For further information on KCA Deutag please visit kcadeutag.com
Turboden S.p.A., Mitsubishi Heavy Industries group company, is an Italian firm and a global leader in the design, manufacture, and maintenance of Organic Rankine Cycle (ORC) systems, highly suitable for distributed generation, that generate electric and thermal power exploiting multiple sources, such as renewables (biomass and geothermal energy), traditional fuels, and waste heat from industrial processes, waste incinerators, engines, or gas turbines. Today Turboden expands its technological solutions with gas expanders and large heat pumps to play a broader role in the decarbonisation of the district heating sector and of energy-intensive industrial processes. turboden.com
|Eavor Technologies Inc.||Eavor GmbH|
|John Redfern||Daniel Mölk|
|President & CEO||President|
|Tel: +1-650-269-2501||Tel: +49 211 169759-0|
Disclaimer: “Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or CINEA. Neither the European Union nor the granting authority can be held responsible for them.”To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Moleac’s NeuroAiD™II Improves Post-Concussion Symptoms, Quality of Life, and Mood after a Mild Traumatic Brain Injury5.12.2023 04:41:56 CET | Press release
With its targeted multimodal approach, NeuroAiD™II offers a broad range of therapeutic benefits to TBI patients.NeuroAiD™II was well-tolerated by TBI patients with a favourable safety profile. SINGAPORE, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Moleac announced promising results from the SAMURAI double-blind study in patients with mild traumatic brain injury (mTBI) receiving a 6-month course of NeuroAiD™II. In the study, the NeuroAiD™II group showed significant improvement in their post-concussion symptoms, quality of life and mood, compared to those in the placebo group. Presented by Professor Valery Feigin at the World Congress of Neurology, last October in Montreal, these results expand the list of therapeutic benefits of NeuroAiD™II observed in previous clinical trials conducted on TBI patients, and confirm its favourable safety profile1, 2, 3. In the SAMURAI study, mTBI patients underwent a series of tests assessing various types of impairments and their recovery over time. For cognition
Nokia comments on AT&T vendor plans5.12.2023 03:30:00 CET | Press release
Nokia Corporation Stock Exchange Release 5 December 2023 at 4:30 EET Nokia comments on AT&T vendor plans Espoo, Finland – Nokia has a wide-ranging relationship with AT&T, supplying products and services across wireless, wireline and other network technologies, alongside similar relationships with other major North American network operators. Nokia is aware of AT&T’s plans to commit to an Open RAN deployment in collaboration with other vendors over the next five years. As a result, Nokia now expects revenue from AT&T in Mobile Networks will decrease over the next 2-3 years. AT&T accounted for 5-8% of Mobile Networks net sales year-to-date in 2023. The already announced action Nokia is taking to reduce its cost base is expected to partially mitigate the impact of AT&T’s decision. Nokia expects Mobile Networks to remain profitable over the coming years but this decision would delay the timeline of achieving double digit operating margin by up to 2 years. Nokia has invested heavily in the
Canadian Government Awards New Funding to General Fusion5.12.2023 02:00:00 CET | Press release
RICHMOND, Canada, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Today, General Fusion announced that Canada’s Strategic Innovation Fund (SIF) has awarded CA$5 million to support research and development to advance the company’s Magnetized Target Fusion (MTF) demonstration at its Richmond headquarters. Called LM26, this ground-breaking machine will progress major technical milestones required to commercialize zero-carbon fusion power by the early to mid-2030s. The funds are an addition to the existing contribution agreement with SIF, to support the development of General Fusion’s transformational technology. Fusion energy is the ultimate clean energy solution. It is what powers the sun and stars. It’s the process by which two light nuclei merge to form a heavier one, emitting a massive amount of energy. By 2100, the production and export of the Canadian industry’s fusion energy technology could provide up to $1.26 trillion in economic benefits to Canada. Additionally, fusion could completely offset
LeddarTech and Prospector Capital Corp. Announce Effectiveness of Registration Statement and December 13, 2023 Extraordinary General Meeting to Approve Business Combination4.12.2023 23:30:00 CET | Press release
QUEBEC CITY, Dec. 04, 2023 (GLOBE NEWSWIRE) -- LeddarTech Inc.® (“LeddarTech” or the “Company”), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology for ADAS and AD, and Prospector Capital Corp. (“Prospector”) (NASDAQ: PRSR, PRSRU, PRSRW), a publicly traded special-purpose acquisition company led by former Qualcomm President Derek Aberle and chaired by former Qualcomm Vice Chairman Steve Altman, today announced that on December 4, 2023 the U.S. Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement on Form F-4, as amended, filed by LeddarTech Holdings Inc. (“Newco”) in connection with the previously announced proposed business combination (the “Business Combination”). The filing can be viewed in its entirety on the SEC’s website at www.sec.gov. Prospector also commenced mailing the definitive proxy statement/prospectus on December 4, 2023, which was included in the Reg
Information regarding the total number of voting rights and total number of shares of the Company as of November 30, 20234.12.2023 22:30:00 CET | Press release
Information regarding the total number of voting rights and total number of shares of the Company as of November 30, 2023 (Article 223-16 of the General Regulations of the Autorité des Marchés Financiers) Market : NYSE Euronext Paris ISIN Code: FR 0010417345 Date Total number of shares Total number of voting rights11/30/2023 96,431,770 Total gross of voting rights: 96,431,770 Total net* of voting rights: 96,186,256 * Net total = total number of voting rights attached to shares – shares without voting rights Attachment PDF Version