Eavor is a Canadian geothermal startup. Their selling point is that they can produce geothermal energy and electricity in locations without volcanic activity, like in Germany (Geretsried) and the Netherlands (Almere, Purmerend and Leiden).
The major weakness of conventional geothermal energy is that it is difficult to judge in advance if an expensive borehole can be used to exploit geothermal heat. Another problem is that deep-seated pumps can easily breakdown due to impurities in the water, causing protracted disruptions.
Eavor has developed a method that eliminates these shortcomings. Rather than working with merely two boreholes, like with conventional geothermal, Eavor additionally creates several extra horizontal corridors, totaling up to 50 km, that function as heat exchangers, guaranteeing easy flow of water, with hardly any pump losses. The upfront investment is higher (ca. 2.5 times), but is compensated by lower operational cost and hardly any risk of failure.
Eavor has a demonstration project in Alberta, Canada, called Eavor-lite, 2400 m deep and 2000 meter apart:
A lot of the technology is reused from the North-American shale revolution.
In Geretsried in Germany, a failed conventional geothermal project has been revived by Eavor and if all goes well will be operational by 2022. An electricity price of 23 cent/kWh will be guaranteed by the German government for 20 years, in order for the technology to mature. Eavor hopes to bring down the cost of their geothermal electricity to 5 cent, comparable to wind and solar. But the difference is that geothermal supply is on demand, very much in contrast to wind and solar.