Ashurst advises OMV on investment in next-generation geothermal energy technology
20 June 2023
Global law firm Ashurst has advised OMV on its investment in Canadian privately-owned Eavor Technologies Inc. ("Eavor"), the leading closed-loop geothermal energy solution developer.
As part of the investment, OMV and Eavor have entered into a commercial agreement to pursue large-scale deployments of Eavor-Loop™ technology in Europe and beyond. The commercial agreement establishes OMV as a key partner with preferred licensing terms, access to services and development support. OMV’s initial focus will be on the deployment of Eavor-Loop™ in Austria, Romania, and Germany.
Eavor’s Eavor-Loop™ technology is based on a closed loop system, installed in deep subsurface rock which reduces the geological and operational risk compared to conventional hydrothermal systems with similar energy output. As Eavor-Loop™ is truly scalable and applicable in various types of geological structures, it will enable OMV to offer heat solutions for district heating networks outside of the normal hydrothermal areas and therefore complement its existing portfolio of hydrothermal projects.
The Ashurst team was led by energy and infrastructure corporate partner Michael Burns, supported by senior associate Naomi Nguyen and associate Michael Choi. Projects partner Cameron Smith and senior associate William Keen also advised.
Commenting Michael Burns said:
"We are delighted to have assisted OMV on such a strategically important investment and further step towards achieving their net zero ambitions. It's clear that geothermal can play an important role in the energy transition and Eavor's technology is clearly going to help move this forward."
