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Canada's Eavor Technologies has just pulled in $182 million in funding from a slew of investors, including Microsoft, Japan Energy Fund, and Canada Growth Fund, reports the CBC.
The money will be used to speed up development of its Eavor-Loop technology, which converts the heat of the Earth's surface into electricity, Eavor says in a press release.
The technology has the potential to "provide a consistent and resilient source of clean energy, free from intermittent production limitations, while also offering a significantly smaller environmental footprint compared to traditional geothermal systems," says Eavor CEO John Redfern.
Eavor's Loop system works by circulating a " benign working fluid through a network of underground drilled passages, creating a continuous heat exchanger that taps into the natural heat of the Earth," according to the press release.
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