Eavor Technologies Inc., (“Eavor”) a pioneer in the field of advanced geothermal energy solutions announces the successful completion of $182 million in financing. This significant investment will enable Eavor to accelerate the development and deployment of its revolutionary geothermal technology. 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.
Eavor’s patented Eavor-Loop™ technology is a closed-loop system that circulates a benign working fluid through a network of underground drilled passages, creating a continuous heat exchanger that taps into the natural heat of the Earth. This breakthrough technology has the potential to provide a consistent and resilient source of clean energy, free from intermittent production limitations, while also offering a significantly smaller environmental footprint compared to traditional geothermal systems. The Eavor-Loop™ offers a game-changing solution by making geothermal energy accessible, scalable, and cost-effective virtually anywhere on Earth.
"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 funding received here today emboldens our efforts to deploy Eavor-LoopTM systems worldwide helping to drive us all towards a sustainable, reliable, and bright energy future", said John Redfern, President & CEO of Eavor.
“An important aspect of CGF's mandate is to invest in Canadian clean technology companies at the commercialization stage of development," said Mr. Patrick Charbonneau, CEO of CGF Investment Management. "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."
“We are pleased to work with Eavor to support their development through the Microsoft Climate Innovation Fund,” said Adrian Anderson, General Manager, Renewables and Carbon Free Energy at Microsoft. “On our journey to becoming carbon negative by 2030, we recognize that innovation and collaboration are fundamental to how we build a more sustainable world. We look forward to Eavor’s innovations in geothermal energy solutions to scale the market with consistent and reliable sources of clean energy.”
National Bank Financial acted as exclusive financial advisor to Eavor. DS Lawyers Canada LLP acted as legal advisor to Eavor.
