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Chevron Corp CVX-N is forming a joint venture with Swedish investment and development firm Baseload Capital to develop geothermal projects in the United States, the companies said on Wednesday.

Geothermal energy, which taps into heat within the earth, currently makes up less than 1 per cent of the U.S. energy mix. If harnessed, it could produce 8.5 per cent of all electricity generation in the country by 2050, according to the U.S. Department of Energy.

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.

Chevron became a strategic investor in Baseload Capital in 2021 and began a pilot project to advance lower-carbon energy production at Chevron’s San Ardo oil and gas field in California.

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