Energy & Science
Big Oil Invests in Startup That Drills for Clean Energy
- BP, Chevron invest in geothermal company Eavor Technologies
- Geothermal could be used to replace fossil fuels, nuclear
This article is for subscribers only.
Companies including the venture arms of BP Plc and Chevron Corp. invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface.
Eavor Technologies Inc. plans to expand geothermal power beyond places like Iceland that have volcanic conditions. The technology could be a way to replace fossil fuels and nuclear power plants as a low-carbon source of electricity that can be dispatched to the grid whenever it’s needed.