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.
Jeanine Vany Announces the Emerging Innovators Challenge Alongside Minister Schulz
On October 17, 2023, the Minister of Environment and Protected Areas, Rebecca Schulz, announced the Emerging Innovators Challenge (EIC) in conjunction with Emissions Reduction Alberta (ERA) CEO Justin Riemer. The EIC will administer $40 million to support small and medium-sized enterprises (SMEs) as well as Indigenous communities scale-up, pilot, and demonstrate first-of-a-kind projects that enhance emissions reduction. Previous ERA funding mechanisms akin to the EIC, which Eavor successfully applied for, played an imperative role in commercialization, catalyzing the Eavor-Lite™ prototype near Rocky Mountain House. Jeanine Vany, Eavor’s Executive Vice President of Corporate Affairs, was pleased to validate the importance of this initiative and lend endorsement to the Government of Alberta and ERA.
SustainablEarth Power boasts that AGS technology has “disruptive” and “transformative” power
SustainablEarth Power Youtube channel broadcasted Eavor’s closed-loop technology in a new video, advocating how Advanced Geothermal Systems (AGS) are a disruptive and transformative technology that has the potential to become a “globally significant solution for clean electricity.” AGS has many advantages over traditional geothermal technologies. Its technology mitigates many challenges and risks associated with drilling systems that traditional geothermal and oil and gas companies use, such as exploratory risk and induced seismicity. Being a form of AGS, this gives Eavor-Loop™ technology the means to be implemented almost anywhere on the planet, as there is a nearly endless supply of heat in the Earth’s mantle continuously heating the bedrock beneath our feet.
Collaborative research between Eavor and Sinton Lab reveals how phase change slurries can optimize closed-loop technology
Published in the Renewable Energy journal, Eavor’s Matt Toews, Michael Holmes, and Vlad Zatonski’s collaborative research with Sinton Lab has unearthed new knowledge about phase change slurries (PCS), proving the fluid’s vitality to enhance closed-loop systems. The publication was showcased in a LinkedIn post by Vikram Soni, where the article titled “Performance Analysis of Phase Change Slurries for Closed-Loop Geothermal System” introduced results of the joint research, which could provide opportunity to utilize this new knowledge in a way that benefits future Geoenergy systems.
Italian publication lists Eavor-Loop technology as a viable example of clean, reliable Geoenergy for EU’s transition to clean power
Italian publication Yahoo Finanzas wrote an article calling for greater attention to be paid to underutilized geothermal resources in Tuscany. Furthermore, the article proposed that Eavor-Loop™ technology could be a viable asset in overcoming investment risk associated with geothermal energy. Situated in Larderello, the world’s most ancient geothermal power site, Enel Green Power harnesses the earth’s heat to generate approximately 5 percent of Italy’s clean energy. This is a model that can be expedited to other European nations, as only about 1GW of renewable electricity capacity is currently being provided by geothermal in the EU as of 2022.
Calgary.tech platforms Eavor’s recent achievements and financial support at Geretsried
Eavor’s Geoenergy technology was featured in an article published by calgary.tech, noting the company’s accomplishments in creating local jobs and enhancing energy security across the globe. The Alberta Government’s $2 million funds to assist Eavor’s first commercial power plant in Geretsried, Germany, was highlighted alongside Rebecca Schulz’s compliments for Eavor’s innovations. Schulz, among various policy makers and politicians, including German Chancellor Olaf Scholz, attended the inauguration of the Geretsried power plant last month, and described Eavor as a “made-in-Alberta success story.”
Germany aims to amp up geothermal energy as a means to sever dependency on fossil fuels
A euronews news article encompasses Germany’s overarching goal to invest exponentially more in clean energy while simultaneously cutting off dependance on Russian natural gas. In the wake of Russia’s invasion of Ukraine, Berlin is actively exploring strategies to reduce its reliance, one project being the repurposing of a disused airport and remaking it into a geothermal site. This increased push for geothermal production will also align with Germany’s objective to enhance energy independence and sustainability.
New Mexico Senator showcases Eavor-Deep™ at the Advanced Energy Tech Conference
Senator Martin Heinrich of New Mexico recently presented Eavor as an innovative cleantech company during his presentation at the Advanced Energy Tech Conference. In showcasing Eavor-Loop™ technology and the successful demonstration of Eavor-Deep™, he presented Eavor’s actions as a pivotal part in New Mexico’s strive for further deployment of geothermal technology.
