Eavor’s Anna Rogers Wins Young Professional Award for Her Achievements in Applied Research
Geomechanics Specialist Anna Rogers recently won the Young Professional Award in Applied Research at the 2023 Geothermal Rising Conference. This award acknowledges young individuals who have made substantial advancements in the geothermal sector and innovative contributions to sustainable solutions. “I’m very excited to have received this recognition, but this award is a reflection of the entire team at Eavor and many other mentors. I am very thankful for the support I have had,” said Rogers.
Eavor Vancouver Feasibility Study Announced
Creative Energy, a low-carbon district energy system company, has just announced that they will conduct a feasibility study in collaboration with Eavor. This study aims to explore the integration of Eavor’s innovative closed-loop geothermal technology into their Vancouver Core system. Recognized as a leader in innovative energy solutions, Creative Energy designs, builds, owns, and operates sustainable district energy systems and has been serving its customers for over 55 years with a reliability rate of 99.99%.
Levelized Full System Costs of Electricity
Different electricity generating technologies are often compared using the Levelized Costs of Electricity (LCOE), which summarize different ratios of fixed to variable costs into a single cost metric. They have been criticized for ignoring the effects of intermittency and non-dispatchability. This paper introduces the Levelized Full System Costs of Electricity (LFSCOE), a novel cost evaluation metric that compares the costs of serving the entire market using just one source plus storage. Like LCOE, and in contrast to alternatives such as System LCOE, LFSCOE condense the cost for each technology into one number per market. The paper calculates LFSCOE for several technologies using data from two different markets. It then discusses some refinements, including the LFSCOE-95 metric that require each technology to supply only 95% of total demand.
Eavor receives $90m investment from Canada Growth Fund with Deputy Prime Minister’s support
On Oct 25th, 2023, A press conference held at Eavor’s central office in downtown Calgary hosted multiple high-profile industry leaders to announce Canada Growth Fund’s (CGF) $90m investment in Eavor, including Deputy Prime Minister Chrystia Freeland. “The great people here at Eavor are doing some incredibly important and innovative work. In the years to come, that work will be more important than ever for Alberta, for Canada, and for the whole world,” said Freeland.
Dr. Malcolm Ross and his team at the University of Texas are investigating the geothermal potential of salt domes
Project SpindleHot, created by Dr. Malcolm Ross and his “HotRock” Research Consortium team at the Bureau of Economic Geology (BEG), plans to tap into a source of heat energy previously thought to be inaccessible via traditional geothermal means: salt domes. “Salt has some interesting characteristics beyond flavour enhancement. For example, did you know that salt is mobile over human time scales, and it behaves like toothpaste being squeezed upwards into myriads of shapes by heavy overlying sediments,” says Dr. Ross.
Modern Power Systems Magazine platforms Eavor as a growing “hot topic.”
Eavor’s first commercial power plant took the spotlight in a Modern Power Systems magazine feature article, detailing how Eavor is propelling geothermal energy in “attracting growing interest worldwide.” Eavor’s inaugural commercial power plant in Geretsried is slated to commence partial operations by October 2024 and reach full functionality with four Eavor-Loops™ by August 2026. This is aimed to generate 64MWt for district heating and 8.2 MWe of power, and according to the magazine, it is also putting Eavor at the forefront of a “geothermal resurgence.”
Eavor’s contract with US Air Force is “enabling energy independence” by using “Holy Grail” technology
The Defense Post and RechargeNews recently posted articles about Eavor’s contract with the US Air Force to supply clean energy to the Joint Base San Antonio (JBSA) in Texas. Eavor’s innovative Geoenergy solution is being platformed as a game-changer, with the Defense Post article emphasizing how it is “enabling energy independence.” Furthermore, RechargeNews dubs it “Holy Grail” technology for harnessing nearly boundless energy from the Earth’s core.
Eavor listed as a shining example of how to become a global leader in innovative cleantech
An opinion piece by Susan Rohac, Managing Partner of the Climate Tech Fund at BDC Capital, listed Eavor as a company Canada can look to for inspiration on drastically reducing CO2 emissions and achieving net-zero goals. After Canada soared to second place on the Global Cleantech Innovation Index in 2021, 12 of the top 100 spots on the Cleantech Group’s 2022 Global Cleantech 100 were Canadian companies, Eavor being one of them. The article attributes this as an impressive achievement considering that Canada only produces 1.4 percent of the world’s GDP.
Eavor named as an innovative company that is breaking boundaries that “held geothermal back”
Energy Stream’s livestream featured Geothermal Rising Executive Director Bryant Jones in an insightful discussion about why oil and gas collaboration with geothermal projects is critical to the future of cleantech. In the discussion, Jones listed Eavor as one of the companies that is showing the world that geothermal is a mature, proven, “now and anywhere” solution that is ready to be deployed.
Eavor earns a spot in the North America Climate Tech 200
Eavor made HolonIQ’s North America Climate Tech 200 list of most promising startups that work in new energy, the environment, and sustainability. HolonIQ, a leading global data and insight platform, serves as a global hub of data and insights to inform decisions and actions across international platforms, including NGOs, universities, multinational corporations, and technology and finance companies.
News outlets discussing Canada Growth Fund’s inaugural investment into Eavor
The Calgary Herald and The Globe and Mail recently published articles pertaining to Eavor’s press conference, highlighting the milestone first investment from the Canada Growth Fund (CGF) into Eavor. A $90m fund into Eavor represents approximately half of its $182m Series B funding round. This fund will allow the company to scale up its business, retain autonomy over intellectual property, and keep its headquarters in Calgary. Furthermore, it will amplify opportunities for local professionals to find careers with Eavor and its networks.
Capital Raise of $182 Million Confirms Eavor as the Leader in Scalable Geothermal
Calgary, Alberta, Canada – Oct 25, 2023 – Eavor Technologies Inc., (“Eavor”) a pioneer in the field of
advanced geothermal energy solutions today 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.
