Getech, the geoenergy and green hydrogen company, has announced the signing of a Strategic Collaboration Agreement with Eavor Technology, a global geothermal technology company.
The Strategic Agreement will see the Parties work together to locate and de-risk multiple closed-loop geothermal projects for development across Latin America, a region with inherent strong heat-flow potential and rapidly growing green energy demand. See information included in this video: https://getech.com/wp-content/uploads/2023/01/Getech-Eavor-a-Strategic-Geothermal-Partnership.mp4.
Highlights:
- The Parties will combine their highly complementary, unique, proprietary geothermal solutions, skills and technologies to deliver the agreed work:
- Getech will deploy its industry-leading geoscience gravity and magnetics database, its proprietary Heat Seeker® software package and its asset analytics skills.
- Eavor will deploy its closed-loop geothermal energy production system, Eavor-Loop™, as well as its growing knowledge base and proprietary technology for identifying and qualifying the best locations for geothermal energy production.
- The Parties will identify and screen the most technically and economically favourable Latin American geothermal sites for development as sources of clean, baseload and flexible energy for heating, cooling and green electricity.
- Priority will be given to locations where multiple closed-loops can be deployed, in order to allow for quick scale-up and to minimise investment. Value can then be built by advancing assets through commercial and technical feasibility, and where appropriate, securing licences.
- The Parties will retain the commercial optionality to either realise asset value pre-development through farm-down/sale to a third party (retaining the potential to provide ongoing development support) or to proceed as development investors.
Geothermal energy represents a significant growth opportunity for Latin America and the Caribbean, with the Inter-American Development Bank noting geothermal potential in the region between 55GW and 70GW, most of which remains unharnessed.
Getech will use its foundation geospatial and economic modelling skills to locate and quantify aboveground demand for heat and/or power. The Company will then combine this analysis with its unique geoscience data, proprietary heat flow models, and spatial analytic software, to deliver integrated geothermal solutions.
Dr Jonathan Copus, Getech CEO said:
'This exciting agreement with Eavor is an important first step in building Getech's global geothermal asset portfolio. By integrating our geoscience data and geospatial/economic modelling skills with Eavor's development technology, it will be possible to establish geothermal development assets of significant scale.
Having located and de-risked the development of these assets, Getech will retain the option to unlock value either through their sale to a third-party developer, or proceed to participate in their development, thereby expanding our geoenergy and green hydrogen project investment portfolio. Where appropriate, we will also work to expand project value by identifying co-location opportunities that leverage our expertise in green hydrogen production.
This collaboration agreement builds on a strong relationship we have established with Eavor by providing them with our foundation products and services. It illustrates how we can unlock strategic partnerships, thereby bringing transformational value to Getech shareholders.'
John Redfern, Eavor CEO said:
'We are currently focused on the development of a subset of high-quality geothermal projects, constituting a fundamental step in our work to commercialise and 'productise' the Eavor-Loops™ technology. Our ultimate goal is for hundreds of companies to develop Eavor-Loops™ around the world, including in Latin America.
We believe that our strategic partnership with Getech, under which we are collaborating in the evaluation of a large pipeline of fully qualified projects, will facilitate this. We are excited by the prospect of accelerating the market adoption of Eavor-Loop™ and, in turn, enabling many countries and companies to be more aggressive in a shorter timeframe with their own energy transition plans to net zero.'
Source: Getech
