Source : Google
The European Investment Bank (EIB) is financing a groundbreaking geothermal heating project in Bavaria with nearly €45 million. Partnering with Eavor, a Canada-based company, the project utilizes innovative technology to harvest heat directly from underground rocks. This approach differs from traditional geothermal methods, promising wider application potential.
Eavor's pioneering system, known as Eavor-LoopTM, involves drilling vertical wells and horizontal laterals deep into the earth, creating a vast underground radiator. As the system operates on a natural thermosiphon, heated water rises to the surface, offering low-carbon heating and potential electricity generation.
The project, supported by a €91.6 million grant from the EU Innovation Fund, aims to provide sustainable heating for Geretsried and beyond. With an estimated total investment of €350 million, Eavor plans to commence heat delivery by 2026, with expansion plans already underway for additional projects in Germany.
Acknowledging the project's significance, Commissioner for Climate Action Wopke Hoekstra emphasizes its role in reducing emissions and advancing towards net-zero goals. EIB Vice-President Nicola Beer highlights geothermal energy's contribution to Germany's transition to renewable sources, promoting energy security.
Eavor's Executive Vice President Daniel Mölk expresses gratitude for the project's co-financing and underscores its importance in achieving climate neutrality and enhancing energy security across Europe.
The project aligns with InvestEU's mission to stimulate long-term investment in key European priorities, including the European Green Deal. The EIB, as the EU's long-term lending institution, channels investments towards projects that promote competitiveness, innovation, and sustainability.
Eavor, a technology-driven energy company, spearheads this initiative, supported by a diverse range of global investors and venture capital funds. Their Eavor-LoopTM solution offers a scalable, clean, and reliable energy source, revolutionizing geothermal energy utilization on a global scale.
