Chevron Invests in Geothermal Development Company
Chevron Corporation has announced an investment in Baseload Capital AB, a Sweden based private investment company focused on development and operation of low temperature geothermal and heat power assets. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB.
The Baseload investment follows last month’s announcement of funding for Eavor and expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies.
Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. Chevron Technology Ventures identifies externally developed technology with the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy now and into the future. The investments in Baseload and Eavor are financed by CTV’s Core Venture fund which identifies companies with technology that can add efficiencies to Chevron’s core business in operational enhancement, digitalization, and lower-carbon operations.
Chevron and Baseload are planning potential pilot projects to test new technology. Baseload Capital currently operates in Japan, Taiwan, Iceland, and the United States. As Baseload develops in these regions and expands to new markets, Chevron and Baseload will look for commercial geothermal and heat power opportunities in additional Chevron operations.