Eavor completes $182 million equity round to advance closed-loop geothermal

Simplified diagram of the Eavor-Loop system (source: Eavor Geretsried)

Carlo Cariaga 26 Oct 2023

Eavor Technologies Inc. (Eavor) has announced the successful completion of $182 million in funding following an equity round 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.

This equity round also represents the first grant awarded by the Canada Growth Fund, a $15 billion federal program that supports low-carbon initiatives. The CGF contributed $90 million to the equity round.

This significant investment will enable Eavor to accelerate the development and deployment of its revolutionary geothermal technology – the Eavor-Loop™. The 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.

“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-Loop™ 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.”

Source: Eavor and Calgary Herald