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Japan’s Chubu Elec to invest in Canadian geothermal venture

Chubu Electric Power Co Inc said on Friday it would invest up to 5 billion yen ($34 million) in a Canadian geothermal venture, Eavor Technologies Inc, as it moves to expand its renewable energy portfolio and fight climate change. Within a few weeks, Chubu will invest between 1 billion and 5 billion yen ($7 million to $34 million) for a stake ranging from 10% to 20% in Eavor, according to its deputy chief executive of global business, Katsuji Sugimori. The Canadian venture aims to commercialise two projects being developed, one in the United States and another in Germany, in 2024, Chubu said.

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