Clean energy solutions startup Eavor Technologies today announced the successful completion of $182 million in financing, with proceeds aimed at accelerating the company’s development and deployment of its geothermal energy technology.
Founded in 2017, Calgary-based Eavor provides a solution, Eavor-Loop, aimed at making geothermal energy accessible, scalable, and cost-effective. The company’s Eavor-Loop technology is a closed-loop system in which a benign working fluid circulates through a network of passages that are drilled underground. The passages are designed to create a continuous heat exchange that taps into the natural heat of the Earth. Unlike thermal exchange systems, the Eavor-Loop creates electrical power rather than requiring it.
The new investment will enable Eavor to accelerate the development and deployment of its technology, which the company says has the potential to provide a baseload of clean, renewable power, free from production limitations of more intermittent renewables such as solar and wind energy.
John Redfern, President & CEO of Eavor said:
“We are delighted to have the support of our new investing partners and the continued commitment of existing partners while we advance the commerciality of our Eavor-Loop technology, beginning with our first full scale project already in construction at Geretsried in Germany.”
The equity round was led by OMV AG, with participation from Canada Growth Fund (CGF), Japan Energy Fund, Monaco Asset Management and Microsoft’s Climate Innovation Fund. Existing investors BDC, bp Ventures, Eversource Energy, Temasek and Vickers Venture Partners contributed and supported the funding round, while Chubu Electric Power Co., Inc. completed the conversion of their debentures.
Patrick Charbonneau, CEO of CGF Investment Management said:
“An important aspect of CGF’s mandate is to invest in Canadian clean technology companies at the commercialization stage of development. Eavor, a homegrown clean technology champion, has the potential to accelerate decarbonization of global heat and power markets, and we’re proud to support this Alberta-based company as they scale up and grow their business worldwide.”