Reuters reports that Chevron is creating a joint venture with Swedish investment and development firm Baseload Capital to develop geothermal projects in the United States.
- The joint venture has already identified Weepah Hills, Nevada as the site of the first geothermal project.
- Geothermal is a largely untapped energy source and can deliver reliable, carbon free-power by tapping into heat from the Earth’s core.
- The Department of Energy estimates that geothermal could provide 8.5% of the country’s electricity generation by 2050.
- Chevron and Baseload Capital are showing how private sector leadership can accelerate energy innovation.
“The two companies have identified the first project in Weepah Hills, Nevada and will pursue development opportunities in Esmeralda County where previous geothermal research and advanced exploration already exist.”
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