Next-Generation Geothermal technology, such as the Eavor-Loop™, is creating what is dubbed a “geothermal renaissance” in the energy sector. Hosted by Andrei Utkin, associate director of Innovation Agora, Eavor CEO John Redfern joined the CERAWeek Innovation Agora 2024 panel titled “What’s New in Geothermal Technology?” alongside Chevron VP of Offsets and Emerging Barbara Harrison, Fervo Energy Co-Founder and CEO Tim Latimer, and Superhot Rock Energy Program Director Terra Rogers.

The European Investment Bank (EIB) has recently granted €45 million in financial support for Eavor’s commercial project in Geretsried, marking a significant step towards establishing a “holy grail” geothermal energy source in Europe. This new investment, backed by the InvestEU program, follows the awarding of a €91.6 million grant to Eavor by the EU Innovation Fund (EIF). Joining the EIB in financing this venture are key entities such as the Japan Bank for International Cooperation (JBIC), ING Bank N.V. (ING), and Mizuho Bank, Ltd. (Mizuho), with security management overseen by the Japanese export credit agency Nippon Export and Investment Insurance (NEXI). Compliant with the green loan principles of the Loan Market Association, the funding package amounts to €130 million, with advisory services provided by Green Giraffe Advisory in structuring the financing arrangement.

Eavor CEO John Redfern was a guest on CIBC’s The Sustainability Agenda podcast, hosted by Tom Heintzman, Managing Director and Vice Chair of Energy Transition and Sustainability. Redfern discussed how Eavor’s closed-loop technology has emerged as a Next-Gen solution for scaling a clean and reliable energy source, aiming to foster global energy autonomy and help make the world a better place. John delves into Eavor’s innovative patented technology, such as Rock-Pipe™, intersecting multilateral well design, and how the company repurposed oil and gas expertise to extract heat from hot rock via conduction, mitigating the restrictions many conventional geothermal technologies faced.

Eavor’s Vice President Origination, Neil Ethier joined the Canadian Society of Exploration Geophysicists (CSEG) Mentorship Program livestream, co-hosted by Sarah Grant and Eavor’s Cole Narfason, to discuss Next-Generation Geothermal technology and the academic landscape of geosciences. Neil explains that he began his career in geophysics, driven by a passion for energy independence and energy autonomy, which persisted throughout his professional journey and became a key guiding principle at Eavor. He also emphasized the importance of communication, strategic thinking, and relationship building in advancing one’s business endeavours. Excited by the prospect of leading in a new era of clean technology, he encourages young professionals to embrace curiosity and continual learning to nurture success in their careers.

In a recent joint press release, Eavor Erdwärme Geretsried GmbH and Isar Loisach Naturwärme GmbH (ILN), a subsidiary of the municipal utilities of Geretsried, signed a heat supply contract at Geretsried town hall to mark a crucial step in delivering clean energy to the region’s district heating network. The contract outlines the delivery of up to 81,200 MWh/a of heat to Isar Loisach Naturwärme GmbH. Jan Dühring, board member of the municipal utilities and managing director of Isar Loisach Naturwärme GmbH, expressed enthusiasm for the project’s infrastructure expansion, recognizing it as a challenge that the community, municipal utilities, and city are ready to tackle with determination and vigour.

OMV spotlighted Eavor’s technology in their latest Sustainability Report 2023 as the leading closed-loop geothermal energy solution developer worldwide; furthermore, demonstrating how the partnership is furthering OMV’s ambitions to develop clean heat solutions for Europe and beyond. In June 2023, Eavor completed the first close of their Series B equity with OMV leading the round with a €34 million (C$50mm) investment. OMV acquired a 6.5 percent stake in the company, which allowed Eavor to achieve commercialization to pursue large-scale deployment of Next-Gen Geothermal technology.