Chubu Electric Power Acquires Strategic Stake in Eavor Technologies Inc., The Canadian Business Journal
CALGARY, Alberta, Oct. 14, 2022 (GLOBE NEWSWIRE) — Eavor Technologies Inc. (“Eavor”), a leader in global scalable geothermal technology, is pleased to announce Chubu Electric Power Company Limited (“CHUBU”) I am pleased to Entered into an agreement to invest directly in Eavor and support the commercialization of Eavor-Loop™ technology.
In addition to CHUBU’s investment, they will have representation on Eavor’s board of directors. CHUBU’s presence and influence will be paramount as Eavor completes its first projects and enters the global commercialization phase.
Eavor-Loop™ systems use conduction to recover heat from the earth’s subsurface, resulting in a long-term, reliable, predictable and independent supply of renewable energy, unlike traditional geothermal solutions. You can This fully closed-loop system provides a scalable source of heat and power without the typical exploration risks.
Hiroki Sato, Senior Managing Executive Officer of Chubu, commented as follows. CHUBU is excited to work with Eavor to help solve some of the world’s toughest problems. This is an important strategic step for CHUBU and is fully aligned with his Management Vision 2.0 that defines CHUBU’s commitment to achieving sustainable growth. ”
Eavor President and CEO John Redfern said: Chubu’s involvement as one of our partners and board members represents a great endorsement of our technology, its commercialization and global scalability. Ultimately, Eavor’s solution, if it lives up to its potential, is not only the missing ingredient needed to fully decarbonize the global energy supply, but also helps local economies be resilient and empowered. It is also an opportunity to acquire an independent and autonomous domestic energy resource. ”
Watch the new video: Eavor – The Complete Package: https://youtu.be/3cNO2cR5Azk
About Chubu Electric Power Co., Inc.
Chubu Electric Power is one of Japan’s largest energy companies listed on the Tokyo Stock Exchange (TSE:9502). The Chubu Group consists of energy value chains, including power generation, transmission and distribution, and energy retail business, and has a history of over 70 years. Aiming to become a decarbonized energy company, Chubu Electric Power is expanding its business domains globally with an optimal business portfolio consisting of four domains: “green” businesses centered on renewable energy and related “blue” businesses. . (iii) “retail, transmission and distribution, new services”; (iv) “new technology”. In Chubu, we are promoting a decarbonization business that creates synergies between domestic and global businesses and increases corporate value. For details, please see https://www.chuden.co.jp/english/.
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, baseload-aware, flexible power. Eavor does this by reducing or eliminating many of the problems that have hitherto hindered geothermal energy. Instead, Eavor circulates a benign working fluid through a massive underground radiator, completely isolated from the environment in a closed loop. This radiator only collects heat from the earth’s natural geothermal gradient by conduction. Eavor is represented by Vickers Venture Partners, bp Ventures, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, BDC Capital, and Chubu. [email protected]
contact data
Eavor Technologies Inc.
John Redfern
President and CEO
[email protected]
Phone: +1-650-269-2501
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Chubu Electric Power Acquires Strategic Stake in Eavor Technologies Inc., The Canadian Business Journal
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