Geothermal finds footing in the energy market with Temasek-backed technology
CANADA-BASED geothermal technology company Eavor Technologies has raised over C$100 million (S$106 million) from investors globally, including Temasek, Vickers Venture Partners, and the venture arms of oil majors BP and Chevron.
"Singapore has the highest chunk of our equity of any country," said Eavor's president and chief executive officer John Redfern, referring to the combined stakes of Vickers (20 per cent) and Temasek (8 per cent).
Why the vested interest in geothermal energy? Historically, geothermal has been regarded as a form of niche renewable energy due to its cost and practical challenges.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
OpenAI co-founder Ilya Sutskever departs ChatGPT maker
Sea posts US$23 million Q1 loss, but investors cheer Shopee’s record revenue
Uber to buy Delivery Hero’s Taiwan business for US$950 million
SoftBank sells off Vision Fund assets as Son pivots to AI, chips
Battery swapping faces uphill climb in Singapore’s EV market
Mirxes posts US$58 million operating loss, US$24 million revenue