Emissions Reduction Alberta’s (ERA) new documentary, celebrating 15 years of funding groundbreaking clean technologies, features CEO John Redfern and highlights how ERA’s investment helped export Eavor’s Next-Generation Geothermal technology to the world. With an initial $1 million investment from ERA for testing at Eavor-Lite™, Eavor was then able to secure venture capital, gather hundreds of millions in investments, and commence a commercial project in Germany.

The June 2024 issue of Aventine’s newsletter featured an interview with CEO John Redfern, highlighting the technological and investment breakthroughs Eavor has achieved to unlock vast energy potential. Geothermal energy has been considered a niche power source for decades; however, thanks to innovations borrowed from the oil and gas industry, Next-Generation Geothermal plants are harnessing this energy source with greater efficiency.

Chubu Electric Power, a Japanese energy giant and long-term investor in Eavor, announced its plan to explore geothermal investment opportunities in Indonesia. This financial backing could contribute substantial economic benefits and is anticipated to rapidly develop geothermal technologies in the geologically active region. According to the Alphaxioms article, leveraging Chubu’s expertise and financial support, Indonesia’s geothermal sector could be on the brink of significant expansion. Petromindo stated that Chubu’s expansion into Indonesia and collaborations with Eavor signify the company’s ambition to enhance its decarbonization strategy.

A recent article by ING stated that Eavor’s technology could enhance the way geothermal energy is used in the future, primarily because geothermal energy is “gentle on the landscape,” as operations are primarily subsurface. This allows the land to be renaturalized or repurposed once drilling is completed. Experts estimate that 50 to 75 percent of Germany’s heating needs could be met by using geothermal energy, covering up to a temperature of 120°C. This is especially significant considering that half of Germany’s energy demands are for heating or industrial purposes, with approximately 85 percent currently supplied by fossil fuels.

A new agreement between Canada and the European Union (EU) was recently announced, offering Canadian and European professionals opportunities to collaborate in multiple research fields, including energy. Iliana Ivanova, European Commissioner for Innovation, Research, Culture, Education and Youth, and François-Philippe Champagne, Canadian Minister of Innovation, Science and Industry, signed the agreement allowing Canadian researchers and organizations to participate in Horizon Europe on equal terms with their EU counterparts. There are currently 155 Canadian entities participating under this program, with €1.9 million in grants given to Canadian partners.

A recent article by Climate Insider discussed the benefits and long-term impacts of the federal government’s new investment tax credits on the Canadian cleantech sector. These credits are designed to encourage pro-environmental behavior change and scale the adoption of clean technology. The targeted areas for these credits include Clean Technology, Clean Technology Manufacturing, Carbon Capture, Utilization, and Storage (CCUS), and Clean Hydrogen. The article argues that these initiatives are pivotal in Canada’s strategy to achieve net-zero emissions by 2050.