Chevron and BP invested in a technology that could transform renewable energy

In the recent investor reports and guides, it is no secret that they state that one of the best places to invest today includes the renewable energy business. To many who are crossly paying attention to the latest market trends, you understand this field’s potential as for the others, let’s explain it. The planet is currently working to achieve a common goal which is to achieve a net-zero emission world. For years, different countries have been struggling with the extreme climatic changes due to global warming. To easily combat the situation, renewable energy is one of the top options to target. This fact explains why it is one of the best sectors to invest your money in.

In a recent report, two giant companies on 16th February reported investment in renewable energy. This joint venture is in the geothermal energy sector. And both BP and Chevron have taken an enormous step hoping to deliver new technology to the world. Sources claim that this product could become the planet’s first scalable clean energy from a constant source: the natural earth’s heat.

These two oil companies have delivered a $40 million funding into Eavor, a geothermal energy firm from Canada. Eavor is currently working on a technology that can give the world the freedom it needs for the renewable energy transition. This investment is a crucial move into a different area since most of the energy companies invest in wind and solar projects to diversify the energy sources. This investment is BP’s first investment in the geothermal energy business with an entry of 1.58%. However, this venture is a re-entry venture for Chevron with an additional 0.38% to its geothermal assets.

Initially, Eavor was working on the project with the help of Angel investment and Venture capital. However, after several discussions, they dealt with Chevron and BP and hoped to use the money in the research and development phase. Felipe Arbalaez, BP’s senior vice president of net-zero energy, expressed his excitement about the venture. He also spoke about the potential that Eavor has as the company works on its solar and wind portfolio.

Eavor is the founder of a geothermal technology that forms an underground radiator. It includes a closed-loop with a network of pipes between 4km and 3km on the earth’s surface. Installation is simple since it involves the use of advanced drilling techniques. There are an origin and terminator on the earth’s surface. With hot liquid flowing in and then out, you can create a constant source of power. Its main advantage over other renewables is its constancy.  John Redfern, Eavor’s president, talked about the project and its benefits in the renewable energy sector.

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