Deep Energy will raise capital to develop projects deploying Eavor's advanced closed-loop geothermal systems, which feature Eavor-Loop, a new source of clean, baseload and flexible heat and power. Eavor has committed €10 million (US$11 million) in initial funding.

Closed-loop geothermal systems, like Eavor-Loop, extract heat energy from an isolated network of wellbores, akin to a deep underground radiator. These systems, unlike other forms of geothermal, can be deployed globally to generate clean energy that is dispatchable, flexible and non-intermittent. This unlocks a reliable and consistent energy source that can be used to generate electricity as well as commercial-scale heating and cooling.

Initially focusing on European markets, Deep Energy aims to catalyse €5 billion in investment to generate clean energy for over a million homes and avoid over 1.5 million tonnes of CO₂ annually.

Dan Phillipson, managing partner at Deep Energy, said: "There is a critical urgency to provide all of society with clean, always-available energy. Our partnership with Eavor aims to do, at scale, just that. We see enormous opportunity to build out this resilient infrastructure and develop this differentiated energy source."

John Redfern, president and CEO at Eavor Technologies, said: "Eavor-Loop is a game-changer in reducing risk and making geothermal possible at scale. Electrical power and heating can be delivered with reliability and confidence. No fracking, no emissions, no intermittency. This collaboration with Deep Energy is an important step in financing and unlocking our low carbon future."