Chevron Corporation (NYSE: CVX) disclosed that it has made an investment in Baseload Capital AB, a geothermal development firm. Baseload Capital has gained recognition as a dedicated investment unit that finances the implementation of heat power all around the globe. Currently, the most affordable form of renewable energy is Heat Power.

Earlier, Baseload has disclosed that it is searching for a new partner which help the firm to speed up implementation in its new key markets. After the announcement of investment from Chevron, Baseload is expecting to speed up its ability to implement heat power and reinforce the way of working.

Baseload and Chevron both firms are intending to commence pilot projects to test new technology. Baseload Capital is currently based in Iceland, the US, Japan, and Taiwan. Baseload disclosed that when it enters the new market, both the firm will explore for business-related geothermal and heat power opportunities in extra Chevron processes.

Chevron Technology Ventures (CTV) recognizes externally developed technology with the capability to optimize the way Chevron creates and provides inexpensive, credible, and ever-cleaner energy now and into the future. Baseload and Eavor are funded by Core Venture fund of CTV which pinpoint firms with technology that increased the effectiveness of Chevron’s main business in operational improvement, digital technology, and lower-carbon ventures.