CVX Invests in Geothermal Development Co
Chevron Corporation (NYSE: CVX) has announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on the development and operation of low-temperature geothermal and heat power assets.
Chevron and Baseload are planning potential pilot projects to test new technology and will look for commercial geothermal and heat power opportunities, Chevron outlined. The company’s latest investment follows last month’s announcement of funding for Eavor and expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies, Chevron noted.
Both investments are financed by Chevron Technology Ventures’ Core Venture fund, which is said to identify companies with technology that can add efficiencies to Chevron’s core business in operational enhancement, digitalization, and lower-carbon operations.
“Chevron’s investments in geothermal power reflect our ongoing focus on helping to advance the world’s transition to a lower-carbon future,” Chevron’s Vice President of Innovation and President of Technology Ventures, Barbara Burger, said in a company statement.
“We look forward to working with Baseload Capital and Eavor to expand geothermal resources in the U.S. and internationally,” Burger added.
Baseload’s Chief Executive Officer Alexander Helling said, “In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets”.
“We couldn’t have asked for a better one. Chevron complements our group of owners and adds expertise in drilling, engineering, exploration and more. These assets are expected to accelerate our ability to deploy heat power and strengthen our way of working,” Helling added.
According to its website, Baseload Capital acts as a catalyst for green baseload electricity by funding renewable energy projects throughout the world. The company currently has subsidiaries in Iceland, Japan and Taiwan, which work with local communities and power companies to permit, build, and commission heat power plants.
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