CEO John Redfern and Executive VP Origination Robert Winsloe attended the World Economic Forum (WEF) 2024 in Davos, where they were invited to participate at the first ever geothermal roundtable. Alongside the roundtable, Redfern and Winsloe engaged with an array of influential entities such as Bloomberg, bp, INSEAD, and were invited to attend the Sustainable Development Goals forum. These discussions help Eavor to foster insightful exchanges with key stakeholders and share Eavor’s perspective with prominent organizations.

A new update from energystartups.org places Eavor as the top geothermal energy startup in the world, a monumental achievement underlined by $365.3 million in accumulative funding. Eavor has garnered generous investments from global energy investors, developers, and venture capital funds since its inception, including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, OMV, the Canada Growth Fund (CGF), and Microsoft.

Redfern described how Eavor’s origins are rooted in repurposing abandoned oil wells in Alberta, and how the company leveraged oil and gas expertise to galvanize the success of closed-loop geothermal. Global underutilization of geothermal prompted Eavor’s team to challenge notions of high costs and risks associated within the sector, aiming to demonstrate how geothermal technology can be scaled globally.

An article written by the Federation of American Scientists delves into how the United States has vast potential to utilize next-generation geothermal technologies, and proposes how to navigate challenges that are limiting the financial feasibility of geothermal. According to the article, the U.S. power grid is undergoing a transformative shift towards cleaner energy, mostly by increasing integration of wind and solar. However, to achieve full-scale decarbonization, it’s necessary to implement geothermal energy into the new energy ecosystem.

A recent feature article in Time Magazine’s CO2 Futures series showcased the growing discussion around next-generation geothermal technologies, and how there’s a growing necessity to implement oil and gas expertise to rapidly scale geothermal energy. The article indicates that this necessity is born from limitations that have historically held geothermal back from being a viable baseload alternative to fossil fuels. Traditionally, geothermal power has proven cost-effective in regions with hot rocks close to the earth’s surface, such as the edge of the continental plate in California. Yet, this geographical niche has confined geothermal to a minor role in decarbonization efforts, constituting only 1.6 percent of the United States’ energy mix.

In a recent interview with the Globe and Mail, Eavor CEO John Redfern delves into the company’s patented technology and how it has been instrumental in achieving commercial success in a new age of geothermal exploration. The article describes how Eavor’s head office tells a unique story through the many patents on its walls, where each plaque signifies a trailblazing insight. Unlike wind and solar, Redfern explained that there was a stagnation of innovative breakthroughs for geothermal energy over the last several decades, and this held geothermal back from scaling globally.