Hyper Energy AD ("Hyper Energy"), a new generation energy company, designed for the energy transition and specialising in the acquisition and development of geothermal energy and other transitional energy assets in Bulgaria and southeast Europe, and Eavor Technologies Inc. ("Eavor"), the leader in next-generation closed-loop geothermal technology, are pleased to announce the recent signing of a Strategic Collaboration Agreement. This agreement marks a significant step towards advancing new geothermal energy projects in southeast Europe, utilising Eavor's innovative Eavor-LoopTM technology.
Under the terms of the Strategic Collaboration Agreement, Hyper Energy and Eavor will closely collaborate to identify and evaluate new geothermal energy development projects, initially in Bulgaria and Southeast Europe. This partnership aims to leverage Eavor's cutting-edge closed-loop geothermal technology, the combined subsurface exploration and development expertise of both companies and Hyper Energy's in-depth knowledge and experience of southeast European geology to unlock new opportunities to accelerate investment and growth in sustainable geothermal power, heating, and cooling development projects across the region.
The first stage of the collaboration will focus on conducting comprehensive screening studies and market supply chain evaluations to identify areas of mutual interest, before moving on to the evaluation of the most prospective areas for the economic development of these next-generation geothermal energy projects. Both parties are committed to sharing expertise, resources, and costs to drive the success of these initiatives.
This Strategic Collaboration Agreement reflects the shared vision of Hyper Energy and Eavor to innovate and lead in the field of geothermal energy, contributing to a sustainable and secure energy future for the region.
About Hyper Energy AD., Sofia, Bulgaria:
Hyper Energy is a new generation energy company, designed for the energy transition and specialising in the acquisition and development of geothermal energy and other transitional energy assets. The company is driven by a mission to build innovative, resilient, and affordable subsurface energy solutions that propel the energy transition toward a just and sustainable future. Hyper Energy is focused on acquiring, developing and operating the transitional energy assets of the future, within a more decentralized, interconnected energy ecosystem that not only generates, but also stores and distributes renewable energy efficiently, utilizing both established and emerging technologies.
About Eavor Technologies Inc., Calgary, Alberta, Canada:
Eavor Technologies Inc. is a technology-based energy company led by a team dedicated to enabling clean local energy autonomy, everywhere. Eavor's solution (Eavor-Loop ) is the world's first truly scalable form of clean, dispatchable, baseload capable, and flexible heat and power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid that is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This radiator simply collects heat from the natural geothermal gradient of the Earth via conduction. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including Vickers Venture Partners, bp Ventures, OMV, Chubu Electric Power, Temasek, BHP Ventures, the Canada Growth Fund, BDC Capital, Kajima Corporation, and Microsoft Climate Innovation Fund.
