Austrian energy company OMV has made a strategic move into geothermal energy by purchasing a 6.5 percent stake in Eavor Technologies for €34m ($40m) and signing a commercial agreement to deploy the company’s closed-loop geothermal energy technology, Eavor-Loop, in Austria, Germany, and Romania.
Eavor-Loop technology is based on a closed-loop system that uses deep subsurface rock to generate power. A working fluid is circulated between the surface and deep subsurface rock in a closed loop, which is then heated up to produce power. The system reduces operational risks significantly compared to normal hydrothermal systems with similar energy output.
The partnership will enable OMV to offer heat solutions for district heating networks outside of normal hydrothermal areas, complementing its existing portfolio of hydrothermal projects. The technology will allow OMV to expand its renewable energy offerings and help it achieve its goal of reducing its carbon footprint.
OMV’s investment in Eavor Technologies is part of its strategy to diversify its portfolio and expand its renewable energy capabilities. The company has set a target to achieve net-zero emissions by 2050, and this partnership with Eavor Technologies will help it achieve that goal.
The move into geothermal energy is also part of OMV’s broader strategy to become a leading player in the energy transition. The company recently announced plans to invest €2bn ($2.4bn) in hydrogen and biofuels over the next five years, as it seeks to reduce its reliance on traditional fossil fuels and embrace more sustainable energy sources.
Overall, OMV’s investment in Eavor Technologies is a significant step towards achieving its renewable energy goals and diversifying its portfolio. The partnership will help OMV expand its renewable energy offerings and establish itself as a leader in the energy transition.
For more information visit www.omv.com/en
