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.
Read the Entire Article
A customized collection of news from foundations from around the Web.
William D. Eggers and Paul Macmillan of Dowser write about the social entrepreneurs slowly and steadily dirsupting the world of philanthropy. According to Forbes, philanthropy disruptors are those that believe “no one company is so vital that it can’t be replaced and no single business model too perfect to upend.”