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A Canadian company has come up with a "revolutionary" way to tap into the Earth's heat, and it just got $182 million in funding.
Eavor Technologies' Eavor-Loop technology is a closed-loop system that circulates "a benign working fluid through a network of underground drilled passages, creating a continuous heat exchanger that taps into the natural heat of the Earth," the Calgary Herald reports.
The money comes from a number of sources, including Microsoft's Climate Innovation Fund, Japan Energy Fund, and the Canada Growth Fund, which is the first recipient of the federal government's $15 billion low-carbon initiative.
"The funding received here today emboldens our efforts to deploy Eavor-Loop' systems worldwide helping to drive us all towards a sustainable, reliable, and bright energy future," Eavor CEO John Redfern says in a press release.
Eavor says its first full-scale project is under construction in Germany.
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