€130 Million of New Funding to Propel Eavor-Loop™ Power Plant at Geretsried
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
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.
Neil Ethier joins CSEG dialogue to discuss his journey with Next-Gen Geothermal
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.
Eavor Signs a Heat Supply Contract to Further Energy Autonomy in Geretsried
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.
Eavor Partners with the Government of Alberta to Launch the Alberta Drilling Accelerator
On April 30, Eavor was joined by Rebecca Schulz, the Minister of Environment & Protected Areas, the Canadian Association of Energy Contractors, the Canadian Geothermal Energy Association, the Rural Municipalities Association, and Brazeau County to commence the planning and development of the Alberta Drilling Accelerator.
OMV’s Sustainability Report 2023 Highlights Collaboration with Eavor
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.
US Agency Take Steps Forward for Geothermal, But Congress Should Pass the GEO Act
As the U.S. government intensifies efforts to promote the adoption of Next-Generation Geothermal, the Bureau of Land Management (BLM) announced it is seeking to speed up permitting on federal land. Historically, geothermal initiatives faced extensive federal reviews under the National Environmental Policy Act. On April 15 BLM said it would integrate two established categorical exclusions into its evaluation framework. These exclusions will streamline the review process for geothermal projects, potentially facilitating next-generation geothermal exploration and adaptation efforts. Notably, these exclusions have already been successfully implemented by the U.S. Forest Service and the Department of the Navy.
Canada Growth Fund expands investments to nurture Canadian cleantech innovation
Canada Growth Fund (CGF) has committed C$50 million to Idealist Climate Impact Fund LP, managed by Idealist Capital, marking its third major investment. This venture underscores CGF’s continuing ambition to foster growth and innovation within the Canadian clean technology sector. Idealist Capital, a Montreal-based investment manager, focuses on providing growth equity investments to companies driving the energy transition. With a mission to accelerate decarbonization, Idealist integrates Environmental, Social, and Governance (ESG) criteria into its investment decisions, aiming to deliver superior risk-adjusted returns.
The Global Impact of Eavor’s Technology Highlighted on a Newly Launched OMV Podcast
Dr. Carsten Reinhold, a geoscientist and feasibility manager at Eavor GmbH, recently shared insights on the benefits of Eavor’s technology as a guest on OMV’s podcast. In this episode that summarizes geothermal’s potential, host and journalist Steve Chaid introduces geothermal as the “very important last link that is connecting an infinite renewable resource with population centers around the world.”
Eavor-Loop™ technology could be instrumental in propelling Japan toward its target of achieving carbon neutrality
Eavor-Loop™ technology could be instrumental in propelling Japan towards its target of achieving carbon neutrality in a recent dialogue with Japan External Trade Organization (JETRO) and James Heatherington, VP and Representative of Eavor Japan. The decision to enter the Japanese market was fueled by strategic partnerships, notably with Chubu Electric Power Company, a prominent utility player in Japan. Through direct investments and collaborative ventures in Geretsried, Chubu Electric has not only provided financial support but also bolstered Eavor’s credibility within the Japanese energy sector.
Eavor CEO John Redfern listed among 2024’s top 100 influential people in Canada
Eavor founder and CEO John Redfern was listed within The Power List 2024 curated by Maclean’s Magazine, earning a place among the top 10 influential individuals in Canada championing climate-friendly solutions. Maclean’s described Eavor’s closed-loop technology as the solution that “cracked the code” to globally scaling geothermal, providing sustainable clean energy while simultaneously expanding a once-niche industry.
Eavor’s projects spotlighted in The Guardian as model technology for the U.S.
The Guardian recently published an article discussing how the U.S. is “cracking the code” on how to scale geothermal energy nationwide, and it showcases Eavor as a model for harnessing near-inexhaustible baseload energy suitable for replacing oil and gas. The article explains that geothermal energy has been historically constrained to specific geographic regions; however, it is now gaining traction as a viable option for providing zero-emissions power. According to Amanda Kolker, geothermal laboratory program manager at the National Renewable Energy Laboratory (NREL), geothermal presents a promising solution to meet continuous energy demands. Furthermore, it acts as complimentary technology to intermittent energy sources like solar and wind.
