A $40m investment: could Eavor help geothermal realise its potential?

Source: JP Casey · POWER TECHNOLOGY · | May 4, 2021

Source: Power Technology

Geothermal power could be described as a unique case study into practicality versus potential in the clean energy industry. The idea of powering human construction using the Earth’s underground heat has significant potential, with the International Renewable Energy Agency (IRENA) calling the process a prospective source of “steady, predictable large-scale power generation”.

Geothermal stands out especially in comparison to forms of renewable energy such as wind and solar, where the electricity generated is reliant on environmental conditions beyond human control.

However, geothermal power has struggled to make a significant contribution to the world’s energy mix, as the cost and practical challenges of accessing and exploiting underground heat at such great depths have proven difficult to overcome.

Furthermore, there are few viable geothermal sites around the world, and with those dotted across an eclectic mix of countries and regions, that has made large-scale geothermal development challenging. According to the International Energy Agency (IEA), four countries – Indonesia, Kenya, Turkey, and the Philippines – will dominate new geothermal power facilities between 2023 and 2025, with Indonesia alone adding three times more capacity than the rest of the world.

As a result, geothermal power remains a potential, rather than practical energy source at present. The IEA reported that just 0.3GW of new power was added in 2020, and IRENA has noted that just 14.1GW of installed capacity exists worldwide.

To address these challenges, and bring a more holistic approach to geothermal development, Canadian energy firm Eavor has developed a system of both vertical and horizontal drill shafts to help move geothermally-heated fluid around the world, helping to expand the influence of the energy source. With financial support from energy majors such as Chevron and bp, the technology could help geothermal power finally realise its potential.