Chevron Corp. invests in Swedish geothermal developer Baseload Capital
Category: #headlines  By Pranali Mehta  Date: 2021-03-02
  • share
  • Twitter
  • Facebook
  • LinkedIn
Chevron Corp. invests in Swedish geothermal developer Baseload Capital

American multinational energy conglomerate Chevron Corporation has announced to have made significant investments in Baseload Capital AB, a Swedish private investment company that specializes in producing geothermal energy.

Sources with relevant information stated that Baseload Capital’s investment round also saw participation from its current stakeholders Breakthrough Energy Ventures as well as from local investment group Gullspang Invest AB.

It is worth mentioning that heat power is known to be an affordable and renewable source of energy that can be obtained using waste heat or geothermal resources.

Incidentally, the recent development comes amidst Chevron’s aim of expanding its capacity in order to gain insight into geothermal technology such as closed-loop geothermal innovations and low-temperature power generation.

Baseload’s funding round was primarily financed by Chevron Technology Ventures. For those unaware, Chevron Technology Ventures LLC specializes in integrating externally developed technology in a bid to improve Chevron Corporation’s capabilities to deliver reliable, affordable, and clean energy.

President of Chevron Technology Ventures and VP of Innovation Barbara Burger was reported saying that the company’s recent investment in geothermal power reflects on its current focus on supporting the world’s transition to a lower-carbon future.

The energy giant is looking forward to working with Baseload Capital in an effort to expand geothermal resources in the United States as well as globally, Barbara added.

Meanwhile, Baseload Capital’s CEO Alexander Helling mentioned that the group has been looking for a strategic investor since August 2020 in order to accelerate deployment in major markets. He further claimed Chevron’s investments are likely to boost the company’s ability to implement heat energy and reinforce Baseload’s market position.

If reports are to be believed, Chevron and Baseload Capital intend to launch projects to test new technologies. The duo is currently seeking commercial heat power and geothermal opportunities, specifically in the United States, Iceland, Taiwan, and Japan.

Source Credits –

https://www.benzinga.com/pressreleases/21/03/b19905308/chevron-invests-in-geothermal-development-company

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Walmart to help businesses digitize by offering its own technologies
Walmart to help businesses digitize by offering its own technologies
By Pranali Mehta

Walmart is planning to help other businesses in their digitization efforts by offering them technology and services that powered the Fortune 1 company. To achieve this, the retailer has partnered with Adobe Inc. to integrate its marketplace, pickup ...

At-Bay secures $185 Million in Series D funding; values at $1.35 Billion
At-Bay secures $185 Million in Series D funding; values at $1.35 Billion
By Pranali Mehta

The Series D round marks as At-Bay’s third round in the past 18 months The company recently recorded $160 million in annual recurring revenue At-Bay, a leading cyber insurance company, has banked $185 million in a Series D financing round ...

Microsoft records highest performing quarter driven by cloud growth
Microsoft records highest performing quarter driven by cloud growth
By Pranali Mehta

Multinational tech giant Microsoft Corp. has announced quarterly results, which reported its most profitable quarter. The company’s earnings and revenue beat Wall Street’s consensus as surging demand for cloud services counterbalanced the...