Huisman and Eavor to collaborate on next generation drilling technology

ROTTERDAM, The Netherlands and CALGARY, Alberta, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Huisman Equipment B.V. (Huisman) and Eavor Technologies Inc. (Eavor) are pleased to announce an agreement to collaborate on the design and construction of the next generation of highly automated drilling technology focused on the implementation of Eavors geothermal solution (Eavor-Loop) on a massive scale.

Eavor is working on several potentially disruptive drilling innovations which will expand the geographic deployment opportunities for the Eavor-Loop technologies while also improving capital efficiency. Huisman, as a leading designer and manufacturer of automated drilling equipment, is ideally suited to integrate Eavors drilling innovations into new highly automated drilling factories dedicated to efficiently manufacturing Eavor-Loops. These drilling factories will reduce Eavor-Loop construction costs, with improved drilling speeds and reduced operating costs, while also providing maximum worker and environmental safety.

We have followed the development of Eavors scalable clean dispatchable energy solution and became convinced that we could help Eavor move its solution to the next level with our innovative rig design capabilities. Working together with Eavors team, we are designing and developing new drilling rigs that will facilitate Eavor-Loop implementation on a massive scale. - David Roodenburg, CEO of Huisman.

The Eavor-Loop solution, initially developed and demonstrated in North America, will now benefit from our relationship and combined efforts with Huisman to reach our cost target of $50/MWh or less for clean dispatchable power and contributes to our ambition to enhance capital efficiency. To this end we look forward to a long and close collaboration with Mr. David Roodenburg and his team at Huisman. - John Redfern, President and CEO, Eavor Technologies Inc.

Further alignments between the two companies include:

• Huisman has been designated as one of Eavors Preferred Licensed Solution Suppliers; and
• Huisman Geo and Eavor are to jointly explore Eavor-Loop development opportunities;

We have followed the achievements of Eavor and see that their closed-loop geothermal system solution could potentially be competitive with mainstream renewable solutions, as it enhances the complex features of traditional geothermal exploration. Specifically, the fact that the Eavor-Loop system does not rely on subsurface reservoirs is a huge advantage. - Peter de Vin, Director Huisman Geo

Eavor, for some time now, has been working with an excellent and enthusiastic group of professionals and technicians at Huisman on new highly automated multi-derrick drilling rigs incorporating the latest in machine learning. We are thrilled to continue this relationship and believe the Eavor-Loop solution is now, more than ever before, poised to provide a uniquely scalable source of emissions-free, baseload and dispatchable power to the world. - Matt Toews, CTO, Eavor Technologies Inc.

Our collaboration with Huisman extends beyond custom rig design. Eavor will be in close collaboration with Huisman, and our other partners, for the commercialization of Eavor-Loop throughout Europe and in markets globally. - Robert Winsloe, EVP Sales & Marketing, Eavor Technologies Inc.

About Huisman Equipment B.V.:
Huisman is a worldwide supplier of step changing technical solutions to the worlds leading companies in renewable energy, oil and gas, civil, naval and entertainment markets. The projects vary from stand-alone components to highly engineered integrated systems, from concept to installation and lifetime support. The Huisman operations are divided between the offices in The Netherlands, Brazil, China, Czech Republic, Norway, Singapore and the USA and the facilities in The Netherlands, Brazil, Czech Republic and China.
See: www.huismanequipment.com

Huisman Geo, a fully owned subsidiary founded in 2018, focuses on operations and development of the geothermal energy market and the development of sustainable solutions towards affordable and clean energy. Huisman Geo combines the extensive design and manufacturing knowledge of Huisman, with the operational experience of drilling multiple wells in the European and US hydrocarbon and geothermal land drilling market.

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. Eavors solution (Eavor-Loop) represents the worlds first truly scalable form of clean dispatchable power. Eavor achieves this by mitigating or eliminating many of the issues that have hindered traditional geothermal solutions. As a completely closed-loop system, Eavor has the advantage of no fracking, no GHG emissions, no earthquake risk, no water use, no produced brine or solids, and no aquifer contamination. Eavor instead circulates a benign working fluid which 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, at geologically common and drilling accessible rock temperatures. Unlike traditional geothermal, Eavor is not burdened with exploratory risk or limited to niche geographies through the need for highly permeable aquifers at volcanic-like temperatures. Unlike wind and solar, Eavor-Loop is not intermittent, but instead produces much-needed reliable baseload power. Eavor-Loop plus solar provides a way to offset the intermittency and daylight profile of solar without the need for batteries. With Eavor-Loop, Earth is your Battery, and it comes pre-charged for 30+ years of zero emission, clean, dispatchable generation. Eavor is the solution the world has been waiting for. See: www.eavor.com

Quick facts:

• The Eavor-Loop technology harnesses the Earths natural heat kilometers underground to be used at surface for heating or electricity generation. While the geothermal energy production is not new, Eavors technology is highly scalable and holds the promise to be a significant global energy source which does not have the intermittency issues of traditional renewable power systems.
  
  
• The Eavor-Lite demonstration project is designed to showcase Eavors unique and proprietary design elements. The demonstration project was completed in 2019 and has proven the technology at near-commercial scale. The Eavor-Lite facility continues to operate and serves as a testbed and proxy for continued testing and modelling of commercial Eavor-Loop implementations globally.