Latest news with #geothermal
Yahoo
5 hours ago
- Business
- Yahoo
Halliburton to Design Lithium, Geothermal Wells for GeoFrame Energy in East Texas
Halliburton Company (NYSE:HAL) is one of the most undervalued US stocks according to analysts. On June 24, Halliburton Company (NYSE:HAL) announced that it has secured a contract to support GeoFrame Energy's direct lithium extraction/DLE and geothermal project in East Texas. Halliburton will be responsible for planning and designing the first demonstration wells in the Smackover Formation, with operations anticipated to commence in late 2025. The project in East Texas is expected to be the first in the US to deliver battery-grade lithium carbonate from the Smackover Formation, which is a geological unit known for its lithium-rich brines. GeoFrame Energy aims to produce ~83,500 metric tons of battery-grade lithium carbonate annually, which is projected to be enough to fully meet current US demand. The initiative is expected to support domestic lithium production and reduce the country's reliance on foreign supply chains. A drilling rig in the desert with an orange sunset in the background. Halliburton will play a central role in the drilling phase by designing, constructing, and operating the demonstration wells, and eventually scaling the project to full field development. Beyond lithium production, GeoFrame Energy's project is designed as a model for sustainable mining. The company plans to use geothermal brine to generate zero-emission electricity through binary cycle generators. Halliburton Company (NYSE:HAL) provides products and services to the energy industry worldwide. GeoFrame Energy is a leader in green lithium carbonate and geothermal energy production. While we acknowledge the potential of HAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
21 hours ago
- Business
- Associated Press
Eavor Announces Leadership Transition: John Redfern to Step Down as CEO
CALGARY, Alberta, June 27, 2025 (GLOBE NEWSWIRE) -- Eavor Technologies Inc., a leader in next generation geothermal technology, today announced that John Redfern will be stepping down as Chief Executive Officer for personal reasons. Redfern, as an eight-year company veteran and co-founder, will continue his association with the company in a strategic advisory role. As CEO, Redfern has led the company from inception through numerous major accomplishments, including raising over half a billion in equity, overseeing first of a kind technology development through several demonstrations globally, and driving the team to its first commercial project in Geretsried, Germany which is scheduled to come on stream later this year. 'I am immensely proud of all my colleagues at Eavor and what they've accomplished,' said Redfern. 'We've gone from having this initially counter-intuitive idea for a closed-loop geothermal system, to now implementing the technology on a commercial-scale. It has been a privilege to be part of such an extraordinary team and its mission. You can be certain I will continue to support the Eavor team in any way I can as it embarks on this next stage of its journey and again redefines what is possible.' In the interim, Robert Winsloe, currently serving as EVP Origination, will assume the role of CEO while the company conducts its search for a permanent successor. Winsloe has been with Eavor for eight years, demonstrating exceptional leadership and strategic vision, making him well-positioned to guide the organization during this transitional period. 'We are grateful for John's leadership and dedication to Eavor,' said Doug Beach, Chair of the Board. 'John's vision has been instrumental in driving our success, and we are pleased he will continue his work with us in an advisory role. As we begin the search for our next CEO, we are confident that Robert will provide the requisite leadership and stability.' Winsloe, one of Eavor's co-founders and the architect behind Eavor's market development strategy and the pipeline of Eavor-Loop™ projects around the world, also expressed his appreciation for Redfern's significant contribution and the opportunity to step in as CEO: 'I would like to thank John for his visionary leadership and dedication to Eavor in bringing us to within touching distance of first power at our commercial project in Germany. It's an exciting time to step into the role and lead our incredibly talented team as we continue to focus on our long-held mission of making geothermal power development possible at scale, everywhere.' Additional Information For media inquiries, please contact: Tracy Larsson Senior Communications Specialist 368-338-8154 [email protected] About Eavor Technologies Inc. Eavor (pronounced 'Ever') is a next-generation geothermal technology company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor's solution (Eavor-Loop™) 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, BHP Ventures, OMV, Canada Growth Fund, Kajima Corporation, and Microsoft Climate Innovation Fund. Learn more at
Yahoo
3 days ago
- Business
- Yahoo
Diverso Energy Appoints Armen Farian to Board of Directors
TORONTO, June 25, 2025 /CNW/ - Diverso Energy, a leading Canadian provider of geothermal energy solutions, today appointed Armen Farian to its Board of Directors. Mr. Farian brings over two decades of investment banking leadership and real estate advisory experience, having most recently served as Head of the Real Estate Investment Banking Group at TD Securities. Under his leadership, TD Securities became a market leader in real estate M&A and IPOs in Canada. Mr. Farian advised on more than $40 billion in mergers and acquisitions and led over $1.5 billion in successful IPOs. "Armen's strategic insight, deep market knowledge, and proven track record in corporate finance and capital markets will be invaluable as we continue to scale our energy-as-a-service platform and deliver long-term value to our partners," said Tim Weber, CEO, Diverso Energy. "His experience across transformative real estate transactions aligns with our mission to bring energy innovation to the built environment." Mr. Farian is currently Principal of Arfa Capital, a North American real estate advisory and investment firm and also serves as a Trustee of Dream Industrial REIT, which oversees a global portfolio of 336 industrial assets. Diverso Energy is at the forefront of delivering geothermal heating and cooling systems for multi-unit residential and commercial developments, helping reduce carbon emissions and operational costs through innovative, utility service models. About Diverso Energy Diverso Energy Inc. offers a unique geoexchange utility model for low-rise, multi-family, office, and institutional buildings. Diverso designs, builds, owns, and operates geoexchange utility systems allowing clients to leverage the significant benefits of geoexchange without traditional financial or operating risks. Diverso has helped hundreds of clients, including some of Canada's leading real estate developer partners, benefit from its unique combination of financial and technical solutions, accelerating the transition to electrified buildings. SOURCE Diverso Energy LP View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Sun
3 days ago
- The Sun
Beautiful new water attraction to open in Europe with lagoons, 40C pools and waterfalls
A NEW water attraction has opened in one of Europe's safest countries - and you can even spot the Northern Lights from it. Laugarás Lagoon is a new two-storey geothermal lagoon in Iceland opening this summer, similar to the famous Blue Lagoon. 6 6 6 Inside is 1,000m² of waters with temperatures up to 40C. One of its main features is the cascading waterfall between the two stories which they claim is a "first" for Icelandic lagoons. Guests can make the most of the infinity pool which overlooks the Icelandic landscape. It also has a secluded grotto for some extra privacy, including seating areas. Otherwise inside it has two saunas with views of the surrounding forest and Hvita River. If you need a challenge there is also a cold plunge pool just outside as well as a calmer Forest Pool. There are even two swim up lagoon bars as well, with a free drink included in some tickets. The Ylja restaurant has a day and evening menu with dishes including fresh soups and salads as well as grilled lamb and slow cooked cod. Guests can choose from three ticket options, with the most basic costing £40 each, including access to the pools as well as lockers and toiletries. The premium 'Lerki' ticket costs £55 each and includes all of the above as well as a "plush towel service" and free drink at the swim up bars. The European city with cheap UK flights, famous lagoon spas and summers where the sun never sets Otherwise the deluxe 'Osp' ticket has the full experience as well as a two-course meal at the restaurant and a private changing area, for £93 each. Kids under seven and under are not allowed into the lagoon but an dine at the restaurant. The lagoon will open from August 15, and be open all year round, with reduced hours in the winter season from October to May. Laugarás Lagoon is around 80 miles from the airport, or 60 miles from Reykjavik (taking around 1hr20 by car). 6 6 There are also daily tour buses that run from the city which include stops at the lagoon as well as irregular public bus services. It is also between the famous Geysir attraction and Gullfoss waterfall. If you can't wait until August, the current Blue Lagoon is open, which first opened in 1987 and now welcomes millions a year. Or there is the newer Sky Lagoon, also similar and opened in 2021. What is a holiday to Iceland like? Sophie Swietochowski, The Sun's Assistant Travel Editor, recently visited Iceland. Even if you're not a geography nerd — I'm not — it's hard not to get swept up in it all when treading Iceland's volcanic landscapes. The country's huge white glaciers and vast number of active volcanoes give it its nickname The Land of Fire and Ice. Iceland's fascinating geography isn't all lava spills, though — its geo-thermal atmosphere has helped create some of the world's most famous spas, including the Blue Lagoon a little south of Reykjavik. While man-made, it's heated by a geothermal power station that relies on energy from the volcanic ground. The silica and minerals in the water, said to boost the immune system, turn the water a chalky shade of baby blue. It was so relaxing to float in the bath-warm water, slapping algae masks and lava scrubs on my face from the lagoon-side beauty bar — all of which are included in your entry price. Here is what it is like to visit Iceland on holiday. If you don't want to travel as far as Iceland, here is where to find a geothermal heated pool in the UK which is right by the beach. 6
CBC
4 days ago
- Business
- CBC
Manitoba offers up new incentives to shift to heat pumps, ditches election promise
Social Sharing The Manitoba government wants homeowners to upgrade their heating and cooling systems to a geothermal pump it says could save them up to $1,000 annually on their bills. Just how much they have to pay to get the heat pump system installed, though, depends on which incentive offer they qualify for. The eligibility requirements and incentives are based on a homeowner's current heating fuel type, the suitability of a ground-source heat pump in rural and city settings and, in some cases, on household income: Income-based offers. First Nation communities. Homeowners. Homeowners with oil heating systems. Multi-unit residential buildings. "We know that this a big shift from traditional heating systems and that's why we're backing this program with some of the most generous financial supports Efficiency Manitoba has ever offered," said Environment and Climate Change Minister Mike Moyes at the launch on Tuesday of the province's affordable home energy program The cost of every installation will vary because of the diverse eligibility requirements, said Colleen Kuruluk, CEO of Efficiency Manitoba. "When designing our offers, we recognize that every household is different and the needs of Manitobans are certainly unique. This ranges from the size of the home to the number of occupants to their income and ability to invest in energy efficiency," she said. However, she estimates 60 to 75 per cent of the cost of the installation will be covered by the incentive. The remaining 25 to 40 per cent will be covered by the homeowner but paid back gradually as it is added to the monthly heating bill. The repayment will be meted out so it is less than a person's former energy bill, so the savings from shifting to the new system will be realized immediately, Kuruluk said. Efficiency Manitoba expects to spend about $10 million annually on the program, although Kuruluk admitted it could be more, depending on the response from the public. But every switch to a ground-source heat pump translates into greater value in energy costs to Manitoba Hydro, she said. A ground-source heat pump moves heat rather than generating it. It extracts heat from the outside air (even in cold temperatures) and transfers it indoors for heating, and reverses the process to cool a home by transferring indoor heat to the outside. NDP alters election promise During the 2023 election campaign, the NDP promised to fully cover the expense of the heat pump equipment and installation for 5,000 homes over four years. Under the revised program, people won't need to pay any upfront costs for the installation — the contractor is paid directly by Efficiency Manitoba — but there is that remaining 25 to 40 per cent that will have to gradually be paid back. Asked about the change, Moyes repeatedly insisted the new program is "by far the most generous offer that has ever been put forward by the Manitoba government." He wouldn't give a timeline for completing 5,000 installations, saying it depends on the uptake by Manitobans. Kuruluk called it "a significant enhancement" over the grant program that was in place. In some instances, such as in First Nation communities, the cost to the homeowner could be zero. Kuruluk said Efficiency Manitoba is working with an Indigenous-led capital fund that is, in turn, working with investors to cover the expense. Other incentives are designed to support retrofits in multi-unit residential buildings. "By helping Manitobans switch to heat pump systems, we are reducing household energy bills, reducing peak energy demands, reducing emissions and creating new opportunities for skilled workers," Moyes said, noting heat pumps use less than half the electricity of that required by a typical electric furnace in Manitoba. The new program is part of Manitoba's overall affordable energy plan announced in September 2024, he said.
