CALGARY, Alberta, Oct. 14, 2022 (GLOBE NEWSWIRE) — Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal technology, is pleased to announce that Chubu Electric Power Co., Inc. (“CHUBU” ) has a Agreement reached to make a direct investment in Eavor and to support the commercialization of the Eavor Loop™ technology.
Alongside CHUBU’s investment, they will have a representative on the Eavor board of directors. CHUBU’s presence and influence will be paramount as Eavor completes initial projects and enters its global commercialization phase.
The Eavor-Loop™ system differs from conventional geothermal solutions as it uses conduction to extract heat from the ground, resulting in a long-term, reliable, predictable and self-sufficient supply of renewable energy. This fully closed system provides a highly scalable heat and power source without the typical exploration risk.
Mr. Hiroki Sato, Senior Executive Managing Officer at CHUBU, commented, “A technology like this is a true game changer and represents a potential transformation of the world’s energy stack, while addressing climate change and issues of energy autonomy and independence. CHUBU is excited to partner with Eavor and support a solution to some of the world’s toughest problems. This is an important strategic move for CHUBU that is fully aligned with our Management Vision 2.0, which defines CHUBU’s efforts towards sustainable growth.”
John Redfern, Eavor’s President and CEO, stated, “The opportunity and plan to deploy this technology globally requires partners like CHUBU. The addition of CHUBU as one of our partners and board members represents a fantastic validation of our technology and its commercialization and global scalability. Ultimately, if realized to its full potential, Eavor’s solution is not only the missing element needed to fully decarbonize the world’s energy supply, but also an opportunity for localized…
