BP and Chevron, this Tuesday, announced plans to invest heavily in geothermal energy through a new innovative start up. The new technology introduced by Canadian startup Eavor, pronounced “ever”, provides a clean energy source directly from the earth’s heat. BP and Chevron have made a $40 million investment in Calgary-based Eavor, bucking the trend by developing a largely overlooked energy source. Funding goes mainly towards the research and development of geothermal power. Senior vice president of zero carbon energy at BP, Felipe Arbelaez, states “Technology such as Eavor’s has the potential to deliver geothermal power and heat and help unlock a low carbon future.”. Further explaining, “Eavor has developed a new type of geothermal technology that, in very simple terms, creates an underground “radiator.””. The new technology, named ‘loop ’, provides a closed-loop network of pipes which is installed between 3 to 4 km underground, linked to an aboveground […]