Eavor, a Canadian geothermal energy startup, has successfully completed its next-generation geothermal demonstration project, Eavor-Deep, in New Mexico.

The project, which began in August 2022, involved drilling a two-leg multilateral well down to a true vertical depth (TVD) of 18,000 ft at ~250°C and achieving technical milestones involving depth, temperature, bit-life, and rate of penetration in granite rock.

The milestones achieved at Eavor-Deep in 2022, coupled with the company’s proof of concept demonstrated at the Derek Riddell Eavor-Lite Demonstration Facility in Alberta, Canada in 2019 have now validated the key elements required to construct and operate commercial Eavor-Loops.

Analyst QuickTake: In December 2022, Eavor partnered with Deep Energy Capital, a renewable energy investment firm, where the latter agreed to finance at least five of Eavor’s projects totaling up to EUR 1 billion (~USD 1.09 billion) from the company’s European and North American project pipeline. These five projects are expected to generate over 2,500 GWh of clean thermal energy and save over 500,000 tons of CO2 annually for over 30 years.