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Subjects: NEW PRODUCTS/SERVICES, BUSINESS CONTRACTS, PARTNERSHIPS

U.S. Defense Department Awards Eavor Contract to Power Military Base through Advanced Geothermal System


CALGARY, Alberta and SAN ANTONIO, Texas, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Eavor Inc. ("Eavor"), the leader in globally scalable geothermal closed-loop technology, has been awarded a contract with the U.S. Air Force to provide Eavor-Looptm generated geothermal energy to the Joint Base San Antonio facility in Texas.

Eavor will assume a leadership role in contract execution, guided by the oversight of the Air Force Office of Energy Assurance, and partner with Chesapeake Energy (NASDAQ:CHK) providing its technical and operational expertise.

Air Force Civil Engineer Center's Air Force Office of Energy Assurance will oversee all phases of prototype program development. This endeavor will leverage the Earth's inherent thermal resources, with a focus on extracting energy via conduction from deep hot rock using a closed-loop system. This prototype aims to fortify defense infrastructure and deliver reliable clean energy regardless of electrical grid disruptions.

Through DoD funding for the feasibility study, subsurface work to fully characterize the geothermal resource will begin immediately. Once operational, this cutting-edge project has the potential to provide a constant supply of clean energy directly for use on the base, supporting the Air Force's commitment to energy resiliency.

"We are pleased to partner with Eavor and the Department of Defense on this innovative project," said Chesapeake Energy President and Chief Executive Officer Nick Dell'Osso. "Chesapeake is uniquely suited for subsurface engineering, surface regulatory and impact mitigation and geologic resource characterization. We are excited to have an opportunity to leverage this adjacent set of expertise, furthering our mission toward a more secure, reliable, lower carbon energy future.

"We applaud the DIU's innovative spirit and believe this pilot could be a role model for future bases, both on the national and international scale," states John Redfern, Eavor President + CEO. "It is an honour and a privilege to work with the DoD, DIU, and Chesapeake in the pursuit of energy resiliency, security, and autonomy."

"While JBSA is only a first of its kind for the DoD, success in this endeavor, will pave the way for Eavor and Chesapeake to deliver energy independence," states Eavor Vice President of Business Development Neil Ethier. "For this exploratory project, we can think of no more qualified partner than Chesapeake, we are looking forward to collaborating on many more additional such projects in the future," adds Eavor Project Development Manager Matt Seager.

About Chesapeake Energy Corp.

Headquartered in Oklahoma City, Chesapeake Energy Corporation is powered by dedicated and innovative employees who are focused on discovering and responsibly developing leading positions in top U.S. oil and gas plays. With a goal to achieve net zero GHG emissions (Scope 1 and 2) by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy.

About The Defense Innovation Unit

The Defense Innovation Unit (DIU) strengthens national security by accelerating the adoption of commercial technology throughout the military and bolstering our allied and national security innovation bases. DIU partners with organizations across the Department of Defense (DoD) to rapidly prototype and field dual-use capabilities that solve operational challenges at speed and scale. With offices in Silicon Valley, Boston, Austin, Chicago and inside the Pentagon, DIU is the Department's gateway to leading technology companies across the country.

About Eavor Technologies Inc.

Eavor (pronounced "Ever") is a technology-based energy company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor's solution (Eavor-Looptm) represents 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, Chubu Electric Power, BDC Capital, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling and OMV. [email protected] ? Eavor.com

Contact
Eavor Technologies Inc.
John Redfern
President & CEO
[email protected]
+1-650-269-2501

 



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