Eavor Co-founder Jeanine Vany was a recent guest on the Tech Zero podcast, hosted by Australian Financial Review reporter Peter Ker, to discuss the origin of Eavor and the evolving landscape of geothermal energy. Described as a “big green idea about to become a revenue-generating reality,” Eavor’s technology exemplifies the crucial role of oil and gas expertise in the future success of geothermal energy. These skills have been described as instrumental in driving geothermal into its renaissance.

The International Heat Flow Commission (IHFC) has published an updated set of global heat-flow data. This data, gathered from 1939 to 2024, helps scientists understand the Earth’s internal heat. The data collection is part of a global project that has been improving to ensure high-quality information since May 2021. The 2024 update includes new heat-flow measurements published since April 2023, adding to a total of 91,182 data points from 1,586 scientific publications. Most of these measurements (57 percent) come from land areas, while the rest (43 percent) are from the ocean. The IHFC explains that this comprehensive dataset is crucial for studying the Earth’s heat and contributes to our knowledge of geophysical processes.

Eavor was recently ranked among the top 10 clean technology companies on the Narwhal List of 2024, a report that benchmarks Canadian scaleup companies. Among the 44 companies from Calgary featured on the list, Eavor stood out with its robust 84 percent scaleup rating, surpassing the clean technology sector’s average of 49.2 percent.

Sabine Hossenfelder, in a recent episode of her YouTube series Science News, emphasized the merits of Next-Generation Geothermal technologies, specifically spotlighting Eavor as a solution that is “so modest, you wonder why it wasn’t done a century ago.” Hossenfelder elaborated on the method of harnessing energy from hot rock, stating that it seems like “the obvious thing to do” to mitigate the effects of climate change. She cited that geoscientists estimate that the energy reserves within the upper 10 km of the Earth’s crust are sufficient to meet the world’s energy needs for several hundred million years—equivalent to 1 million billion gigawatts of energy.

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.