CALGARY, Alberta, Oct. 14, 2022 (GLOBE NEWSWIRE) — Eavor Technologies Inc. (“Eavor”), the chief in globally scalable geothermal know-how, is happy to announce that Chubu Electric Power Co., Inc. (“CHUBU”) has entered an settlement to make a direct funding in Eavor and help the commercialization of Eavor-Loop™ know-how.
Along with CHUBU’s funding they may have a consultant on Eavor’s Board of Directors. CHUBU’s presence and affect can be of paramount significance as Eavor completes first initiatives and enters its international commercialization section.
The Eavor-Loop™ system differs from typical geothermal options because it makes use of conduction to retrieve warmth from the earth’s subsurface, ensuing in a long-term, dependable, predictable and unbiased provide of renewable vitality. This fully closed loop system offers a extremely scalable supply of warmth and energy with out the standard exploration danger.
Mr. Hiroki Sato, Senior Executive Managing Officer at CHUBU, commented: “A technology such as this is a true game-changer and represents a potential transformation to the world’s energy stack, addresses climate change as well as energy autonomy and independence issues simultaneously. CHUBU is excited to be working with Eavor and supporting a solution to some of the world’s most intractable problems. This is an important strategic step for CHUBU fully aligned with our Management Vision 2.0 which defines CHUBU’s efforts to achieve sustainable growth.”
John Redfern, President & CEO at Eavor, said that: “The opportunity and plan for global deployment of this technology requires partners like CHUBU. The involvement of CHUBU as one of our partners and Board members represents a fantastic endorsement of our technology, its commercialization and global scalability. Ultimately, when it lives up to its potential, Eavor’s solution is not only the missing element needed to fully decarbonize the world’s energy supply, it is also an opportunity for localized economies to obtain resilient, independent, autonomous, domestic energy resources. This changes everything.”
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About CHUBU Electric Power Co., Inc.
CHUBU is among the largest vitality corporations in Japan, listed on the Tokyo Stock Exchange (TSE:9502). CHUBU Group has greater than seven a long time historical past consisting of vitality worth chain which incorporates energy era, energy transmission/distribution and vitality retail business. Aiming for a decarbonized vitality firm, CHUBU is increasing its business territory on a world foundation with the optimum business portfolio, which consists of 4 domains of (i) “green” business centered on renewable vitality, (ii) “blue” business in relation to de-carbonization, (iii) “retail, power transmission and distribution, and new services” and (iv) “new technologies”. CHUBU is promoting decarbonizing business to create a synergy between domestic business in Japan and global business to enhance its corporate value. For more details, please visit 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 capable, 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. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including Vickers Venture Partners, bp Ventures, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, BDC Capital and CHUBU. info@eavor.com
Contact Data
Eavor Technologies Inc.
John Redfern
President & CEO
John.Redfern@eavor.com
Tel: +1-650-269-2501
