Vickers Venture Partners “funding a better world” with Eavor
Dr. PohHui Chia, Director at Vickers Venture Partners, emphasized the firm’s mission to invest in deep tech companies that tackle critical global challenges while generating meaningful social and environmental impacts; and exemplified Eavor as a company that can help achieve those goals. The article explains Eavor’s aim to provide a clean, consistent energy source without emissions, fracking, or a significant surface footprint. Therefore, Eavor’s technology mitigates challenges traditional geothermal sources have faced in the past, the most prominent being global scalability.
U.S. fundraises $11B in venture capital to rapidly expand climate tech
The 2024 Future of Climate Tech report by Silicon Valley Bank highlights significant advancements in geothermal technology and the Department of Energy’s initiatives aimed at drastically reducing production costs, potentially establishing geothermal energy as a key baseload power source. The 2024 Future of Climate Tech report by Silicon Valley Bank highlights key trends and innovations in cleantech for the past year; notably, the Department of Energy’s (DOE) recent initiatives that could dramatically reduce geothermal production costs. Initiatives such as these could position geothermal technologies as a vital baseload power source.
Expanding geothermal in Germany is considered a “sustainable win-win” solution
An article written by Bundesverband Geothermie, aimed to promote their new municipal heat planning campaign, emphasizes the dual benefits of boosting the economy and creating climate-friendly energy solutions. This resource is believed to be especially promising for regions like Upper Rhine Graben, southern Germany, and Rhine-Ruhr. To utilize this, the article argues that municipal heat plans are crucial, placing the responsibility on cities and municipalities. Geothermal energy is said to be integral to these plans due to its significant potential for decarbonization.
Eavor helps propel Calgary to become one of Canada’s top venture capital hubs
The Calgary Herald recently reported that Alberta is surpassing British Columbia in securing venture capital investments this year, with Eavor recognized as a leading company that is assisting in driving this influx of capital. According to a report from the Canadian Venture Capital Association (CVCA), Alberta secured $383 million through 41 deals in the first half of the year, compared to B.C.’s $288 million across 43 deals. This has allotted Alberta as one of the top three provinces, along with Ontario and Quebec, attracting the most venture capital in Canada.
Future law aims to expedite geothermal development in Germany
According to Reuters, A new law is being drafted in Germany to expedite the approval process for new geothermal opportunities, according to an article in Reuters. This new law aims to increase the development of geothermal plants, heat pumps and heat storage systems to gradually replace fossil fuels in the country’s heating system by 2045. In alignment with this initiative, Eavor has partnered with Hanover-based sustainable energy company enercity, signing a heat supply agreement that marks a significant step forward in achieving a cleaner heating system for Germany. The project will provide up to 30MW of geothermal power annually, supplying 250 million kilowatt hours of heat to around 20,000 homes starting in 2026.
Climate Positive Podcast Featuring Jeanine Vany: Eavor-Loop™ – the Underground Underdog
As the accelerating deployment of variable wind and solar resources pushes us ever closer to Net Zero – or the state whereby we’re not emitting any more greenhouse gas emissions into the atmosphere than we are simultaneously removing – we increasingly need to deploy both battery storage as well as dispatchable renewable baseload generation. But despite its ability to serve as dispatchable renewable baseload, geothermal energy today accounts for less than 1% of the world’s primary energy supply.
Eavor considered a “high-reward” contender to revolutionize geothermal energy
Emissions Reduction Alberta’s (ERA) new documentary, celebrating 15 years of funding groundbreaking clean technologies, features CEO John Redfern and highlights how ERA’s investment helped export Eavor’s Next-Generation Geothermal technology to the world. With an initial $1 million investment from ERA for testing at Eavor-Lite™, Eavor was then able to secure venture capital, gather hundreds of millions in investments, and commence a commercial project in Germany.
Eavor extracting heat that could be used to “solve the climate crisis”
The June 2024 issue of Aventine’s newsletter featured an interview with CEO John Redfern, highlighting the technological and investment breakthroughs Eavor has achieved to unlock vast energy potential. Geothermal energy has been considered a niche power source for decades; however, thanks to innovations borrowed from the oil and gas industry, Next-Generation Geothermal plants are harnessing this energy source with greater efficiency.
Chubu Electric Power expanding clean energy ambitions in Indonesia
Chubu Electric Power, a Japanese energy giant and long-term investor in Eavor, announced its plan to explore geothermal investment opportunities in Indonesia. This financial backing could contribute substantial economic benefits and is anticipated to rapidly develop geothermal technologies in the geologically active region. According to the Alphaxioms article, leveraging Chubu’s expertise and financial support, Indonesia’s geothermal sector could be on the brink of significant expansion. Petromindo stated that Chubu’s expansion into Indonesia and collaborations with Eavor signify the company’s ambition to enhance its decarbonization strategy.
Eavor-Loop™ technology changing energy consumption in Germany
A recent article by ING stated that Eavor’s technology could enhance the way geothermal energy is used in the future, primarily because geothermal energy is “gentle on the landscape,” as operations are primarily subsurface. This allows the land to be renaturalized or repurposed once drilling is completed. Experts estimate that 50 to 75 percent of Germany’s heating needs could be met by using geothermal energy, covering up to a temperature of 120°C. This is especially significant considering that half of Germany’s energy demands are for heating or industrial purposes, with approximately 85 percent currently supplied by fossil fuels.
Canada joins the EU’s largest research organization to propel state-of-the-art innovation
A new agreement between Canada and the European Union (EU) was recently announced, offering Canadian and European professionals opportunities to collaborate in multiple research fields, including energy. Iliana Ivanova, European Commissioner for Innovation, Research, Culture, Education and Youth, and François-Philippe Champagne, Canadian Minister of Innovation, Science and Industry, signed the agreement allowing Canadian researchers and organizations to participate in Horizon Europe on equal terms with their EU counterparts. There are currently 155 Canadian entities participating under this program, with €1.9 million in grants given to Canadian partners.
Canada’s clean technology tax credits set to boost climate innovation
A recent article by Climate Insider discussed the benefits and long-term impacts of the federal government’s new investment tax credits on the Canadian cleantech sector. These credits are designed to encourage pro-environmental behavior change and scale the adoption of clean technology. The targeted areas for these credits include Clean Technology, Clean Technology Manufacturing, Carbon Capture, Utilization, and Storage (CCUS), and Clean Hydrogen. The article argues that these initiatives are pivotal in Canada’s strategy to achieve net-zero emissions by 2050.
