Eavor’s Innovation Promises Significantly Higher Growth than Previous Predictions

Source: www.gulfoilandgas.com 12/18/2024, Location: North America

A detailed report from the Daily Oil Bulletin highlights how Eavor’s cost estimates could surpass the growth projections made by major energy forecasters. While institutions such as the International Energy Agency (IEA), Shell, and Wood Mackenzie predict moderate growth in geothermal capacity, Eavor’s technological innovations suggest that the sector could experience more significant expansion than previously anticipated.

Conventional geothermal energy is limited to regions with high thermal gradients and requires permeable reservoirs, leading to higher costs and restricted scalability. The article states that the global levelized cost of electricity (LCOE) for geothermal currently ranges between $56 and $93 per megawatt-hour (MWh), comparable to nuclear but less competitive than solar and wind. However, next-generation technologies are anticipated to lower this cost significantly. Advanced geothermal systems (AGS), such as Eavor’s, do this by extracting energy from low-permeability rock and average thermal gradients.

Eavor’s project in Geretsreid, Germany, is targeting 60 MW of thermal heat and 8.2 MW of power, this closed-loop system eliminates the need for fracking or permeable reservoirs. According to Robert Winsloe, Eavor’s executive vice-president of origination, the company expects its AGS technology to achieve an LCOE of $75/MWh by 2029–2030, far earlier than Wood Mackenzie’s 2050 projection. He emphasized that the success of Eavor’s prototype in Rocky Mountain House, AB, and its demonstration project in New Mexico was crucial to proving the technology’s potential to achieve this cost target.

“Eavor proved technologies there that will now be used in commercial projects around the world, including Geretsreid,” Winsloe said, citing innovations like insulated drill pipes and shock-cooling technology that enhance drilling efficiency.

Eavor has several upcoming projects in its pipeline, each anticipated to contribute valuable insights that will help demonstrate the company’s anticipated downward learning and cost curve.


United States >>  2/4/2025 - ABB and Sage Geosystems (Sage), a leading geothermal baseload and energy storage company, have signed a Memorandum of Understanding (MoU) agreement to...
Canada >>  1/29/2025 - DEEP Earth Energy Production Corp. (DEEP) announces a strategic collaboration with global energy technology company SLB (NYSE: SLB) to drive the devel...

Canada >>  1/28/2025 - The European Council recently concluded an approval to promote geothermal energy within EU member states, aiming to accelerate the decarbonization of ...
Canada >>  1/28/2025 - Advanced geothermal technology is garnering attention for its capacity to offer a transformative solution to the rising energy demands of AI-driven da...

France >>  1/27/2025 - Arverne Group, is committed to a low-carbon future with a new geothermal heating network for the towns of Clichy-sous-Bois and Livry-Gargan, in partne...
Germany >>  1/22/2025 - The World Resources Institute completed an analysis of the benefits, costs and potential risks of next-generation geothermal energy, stating that this...




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