Eavor’s Series B funding led by OMV commenced the commercialization of Eavor-Loop™ technology in multiple countries across Europe, and the news is quickly gaining attention from multiple publications. Some of these include ThinkGeo, The Tech Factor, Venture Capital Journal, FinSMEs, Renewables Now, and Market Screener. OMV, a leading energy company based in Austria, has secured a significant investment to expedite the commercialization of Eavor’s game-changing Eavor-Loop™ technology. This funding solidifies OMV as the primary investor in Eavor’s Series B equity round, with follow-up investments from bp Ventures, EverSource Energy, and Vickers Ventures Partners.

Colorado Governor Jared Polis recently signed a new law called SB23-285, also known as the Energy and Carbon Management Regulation. This law will allow expansion of geothermal power production; therefore, play an integral role in helping Colorado achieve its goal to have 100 percent renewable energy by 2040. Originally named the Oil and Gas Conservation Commission, the bill will be known as the Energy and Carbon Management Commission starting July 2023. The purpose is to give the law more regulatory authority, allowing it to oversee a wider range of energy and carbon management areas beyond oil and gas. Section 8 of the bill grants the commission the exclusive authority to regulate deep geothermal operations and explore allocated geothermal resources, including ones deeper than 762 metres. Additionally, it grants the state engineer exclusive authority to manage shallow geothermal operations. The bill also allows the commission to conduct studies, prepare reports summarizing the findings of the studies, and submit the reports to the general assembly.

Eavor’s EVP Corporate Affairs and co-founder Jeanine Vany had proactive discussions about the future of renewable energy at the Global Energy Show 2023. The Global Energy Show hosts exhibitions, panelists, conferences, and awards that bring a multitude of companies from across the petroleum and renewable energy sectors. Companies have the opportunity to showcase their technology and share innovative ideas on how to reduce Canada’s carbon footprint. Furthermore, experts were invited to stimulate conversations about how Canada can be a world leader in clean technologies. Organized by Young Women in Energy (YWE)’s Katie Smith-Parent, Vany was joined by panelists Vittoria Bellissimo, Laura Kennett, Vilasini P Pillay, and Nicole Boisvert to discuss renewable energy development in Alberta.

Published last April, “Our Hidden Powers” is a light-hearted children’s book that illustrates a story about the importance of geothermal energy. Main character, Ignis, and her friends embark on a journey of self-discovery, and how geothermal power, as well as other forms of renewable energy, can help the planet. ThinkGeo recently interviewed the authors of the book, Kristina Hagström-Ilievska and Gabriella Skog, to learn more about the motivation behind the book’s creation. According to Hagström-Ilievska, inspiration came when trying to explain how geothermal energy works to her son. “Our Hidden Powers” was then created as a fun way to introduce geothermal energy to children, and teach the youngest generation how it can be utilized to help the planet.

ThinkGeo conducted an interview with Segment Director Jeremy O’Brien to discuss how Seequent has been adapting to shifting needs of the geothermal industry over the last decade. Seequent provides software that enables subsurface professionals to gain maximum value from their geological, geophysical, geochemical, reservoir engineering, and geotechnical data. Since 2012, the New Zealand-based software has been assisting the global industry in multiple ways, such as planning where to drill wells, understanding geothermal resources better, and using downstream tools to simulate reservoirs and assess their performance. According to O’Brien, approximately 65 percent of all current geothermal power generated globally is “supported by Seequent technology in one way or another.” He also stated that this technology is going to be a great asset as many countries aim for Net Zero in future decades.

Eavor is excited to welcome Stephan Hannke of OMV to our Board of Directors. Stephan Hannke is a Senior Advisor with OMV, a global oil, gas and chemicals group with headquarters in Vienna, Austria. Stephan works in the Low Carbon Business area of the Energy division, and together with his team, they are leading business growth in geothermal closed-loop technology (EAVOR) in selected European countries. His goal is to support the decarbonization of cities and industry, through identifying, enabling and delivering clean heat production using EAVOR geothermal closed-loop technology.