Chevron invests in geothermal development company

Chevron has made an investment in Baseload Capital, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets.

Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat.

The Baseload investment follows an earlier investment by Chevron (alongside BP) in Canadian deep-geothermal start-up Eavor and expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies.

‘Chevron’s investments in geothermal power reflect our ongoing focus on helping to advance the world’s transition to a lower-carbon future,’ says Chevron Vice President, Innovation and President of Technology Ventures, Barbara Burger.

Chevron and Baseload are planning potential pilot projects to test new technology. Baseload Capital currently operates in Japan, Taiwan, Iceland, and the US.