Agreement to jointly evaluate geothermal projects
Getech, is pleased to announce the signing of a Strategic Collaboration Agreement with Eavor Technology Inc., 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.
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.”
