Category: Press Release

U.S. Defense Department Awards Eavor Contract to Power Military Base through Advanced Geothermal System

CALGARY, Alberta, Canada and SAN ANTONIO, Texas – Oct. 3, 2023 – Eavor Inc. (“Eavor”), the leader in globally scalable geothermal closed-loop technology, has been awarded a contract with the U.S. Air Force to provide Eavor-Loop™ generated geothermal energy to the Joint Base San Antonio facility in Texas. Eavor will assume a leadership role in contract execution, guided by the oversight of the Air Force Office of Energy Assurance, and partner with Chesapeake Energy (NASDAQ:CHK) providing its technical and operational expertise.

Chubu Electric Power Co. Inc. Participating in World’s First Commercial Eavor-Loop™

Chubu Electric Power Co., Inc. (“CHUBU”) has decided to participate in the world’s first geothermal power generation and district heat supply Eavor-LoopTM project (the “Project”) by Eavor Technologies Inc. (“Eavor”) in Bavaria, Germany, and has entered into an agreement to obtain equity shares of Eavor Erdwärme Geretsried GmbH (“Geretsried Project Company”), the operating company of the Project.
CHUBU will acquire shares in the Geretsried Project Company in the near future. Eavor is a Canadian global startup company that leads the world in the research and development of closed loop geothermal technology (the “Eavor-Loop Technology”), with the aim of full commercialization. CHUBU has acquired shares in the company (as announced on October 14, 2022).

Eavor commences commercialization through major investment and landmark partnership with OMV

CALGARY, Alberta, Canada and VIENNA, Austria – June 14th, 2023 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal closed-loop technology, has completed the first close of their Series B equity round. OMV AG (“OMV”) leads the round with a €34 million (C$50mm) investment and has entered into a commercial agreement with Eavor to pursue large-scale deployment of Eavor-Loop™ technology in Europe and beyond. Follow-on investments from Eavor’s existing partners include bp Ventures, Eversource Energy and Vickers Venture Partners. Concurrently with the raise, Chubu Electric Power has converted its debenture. The commercial agreement establishes OMV as a key partner with preferred licensing terms, access to services and development support. As a key partner, OMV will be focused initially on the deployment of Eavor-Loop™ in Austria, Romania, and Germany.

Cooperation Agreement signed with Sonoma Clean Power for up to 200 MWe of Eavor-Loop™ in Northern California

CALGARY, Alberta, Canada – March 21, 2023 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal technology, is pleased to announce the signing of a cooperation agreement with Sonoma Clean Power for the development of up to 200 MWe of new geothermal through the GeoZone initiative in Sonoma and Mendocino Counties, California. The Geothermal Opportunity Zone (“GeoZone”) creates a public-private partnership for local geothermal development. Sonoma Clean Power then contracts for power generated with selected private partners who provide the technology and capital to enhance geothermal capacity in the Northern California region. The GeoZone provides a sustainable and affordable source of reliable clean energy.

Eavor’s next-generation geothermal project awarded €91,6 million grant from the European Innovation Fund

Munich, Bavaria, Germany – March 9th, 2023 – Eavor Technologies Inc. and Eavor Erdwärme Geretsried GmbH (together “Eavor”), the leader in globally scalable geothermal closed-loop technology, has been awarded a €91,6 million grant from the European Innovation Fund (“EIF”), in support of the Eavor-Europe™ geothermal project already under construction in Bavaria south of Munich near the town of Geretsried, Germany. The project is the world’s first commercial implementation of an Eavor-Loop™, a showpiece of the zero-emissions heat and power production capabilities of next-generation geothermal technology, and a flagship site for the fundamental ability of Eavor-Loop™ to provide energy security and autonomy, globally. Construction began in October 2022, with drilling scheduled to commence in July 2023. Two of Europe’s largest drilling rigs are already under a four-year contract with KCA-Deutag. An Organic Rankine Cycle (“ORC”) power plant is being designed and constructed simultaneously with drilling operations in collaboration with Turboden S.p.A., with the first energy production scheduled for Q4, 2024.

The treasure at Geretsried

Bavarian state politicians show strong interest in Eavor‘s innovative geothermal energy. Ba-varia‘s Minister of the Environment Thorsten Glauber and Florian Streibl, Chairman of the Freie Wähler faction in the Bavarian State Parliament, visited Geretsried to find out more about the Eavor-Loop™ and emphasized the importance of technology openness in the en-ergy transition. The two politicians were received by Daniel Mölk, Managing Director of Eavor Germany and Europe and of the project company Erdwärme Geretsried GmbH. He explained to the visitors the uniqueness and the many advantages of the loop technology developed by Eavor in geothermal energy. Glauber and Streibl were delighted that Eavor had chosen the Bavarian town of Geretsried as the site for the world’s first commercial geothermal power plant using Eavor-Loop™ technology. In addition to the clean and safe energy yield, they also expect economic stimulus for the region.

Success at Eavor’s New Mexico project triggers follow-on strategic investments

CALGARY, Alberta, Canada – January 30th, 2023 – Eavor Technologies Inc. (“Eavor”), a leader in globally scalable geothermal technology, is pleased to announce the successful completion of its next generation geothermal demonstration project in New Mexico, USA: Eavor-Deep™. Beginning in August and concluding in December of last year, after having drilled a two-leg multilateral well down to 18,000’ TVD and ~250°C, Eavor met its objectives, including achieving technical milestones which have drawn a follow-on investment of $10 million CAD from bp Ventures (“bp Ventures”).

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