September 23rd 2019
Vickers Venture Partners Invests in Cleantech Startup Eavor
Investment is part of Eavor’s $15 million Series A funding round and marks Vickers Venture Partners’ first investment in Canada
SINGAPORE, September 23rd, 2019 – Vickers Venture Partners today announced their investment in Eavor, a disruptive solution provider in the geothermal energy space. The investment is Vickers’ first ever in a Canadian startup and closes Eavor’s CAD$15 million Series A investment round. The funds will be used to pursue Eavor’s growing pipeline of commercial opportunities around the world.
Eavor is the world’s first viable form of green, scalable, baseload power, and aims to be a significant global energy source without the intermittency issues of traditional renewable power systems. Eavor-Loop, the company’s solution, is a new means of extracting power from the Earth’s natural geological temperature gradient. Eavor-Loop makes a traditional niche energy source, geothermal energy, scalable by removing the need for volcanic-type temperature and permeable aquifers.
A 2019 U.S. Department of Energy research paper predicted that geothermal energy, once scalable, has the potential to provide between 8 to 16% of U.S. electricity generation by 2050, becoming a significant source of energy. The company aims to use Eavor-Loop globally to transfer 10 million homes over the next 10 years onto heat or power from Eavor’s distributed green baseload solution.
Vickers Venture Partners’ Chairman, Dr. Finian Tan, said, “We have been working with Eavor for six months on this and are convinced that Eavor can change the energy industry as we know it. Eavor can achieve this by ending the traditional energy balancing act between scalable baseload solutions and intermittent green solutions. Eavor instead delivers what the world truly needs; scalable, green, baseload energy.”
Eavor’s President & CEO, John Redfern, said, “It is great to have Vickers Venture Partners join in our funding round. While our core R&D functions are now well funded, Eavor and its partners will need access to project finance on a scale equivalent to wind and solar if we are to change the world. We’re fortunate to have the team at Vickers on board, not only as an investor, but also to help us structure and raise the capital we need on a global scale.”
About Eavor Technologies Inc:
Eavor’s solution (“Eavor-Loop™”) represents the world’s first truly scalable form of green baseload power. Eavor achieves this by mitigating or eliminating many of the issues that have hindered traditional geothermal solutions. As a completely closed-loop system, Eavor has the advantage of no fracking, no GHG emissions, no earthquake risk, no water use, no produced brine or solids, and no aquifer contamination. Eavor instead circulates a benign working fluid which is completely isolated from the environment in a closed-loop, much like a massive subsurface radiator. This “radiator” simply collects heat from the natural geothermal gradient of the Earth via conduction, at geologically common rock temperatures. Unlike traditional geothermal, Eavor isn’t burdened with exploratory risk or limited to niche geographies through the need for highly permeable aquifers at volcanic-like temperatures. Unlike wind and solar, Eavor-Loop™ is not intermittent, but instead produces much-needed reliable baseload power. Unlike other forms of power, Eavor is benign enough to power an entire neighborhood literally from someone’s backyard. Eavor is the solution the world has been waiting for. See: www.eavor.com
About Vickers Venture Partners:
Vickers Venture Partners is a global venture capital firm focused on early-stage investments in Asia and beyond. The firm’s portfolio covers life sciences, technology, media, and telecommunications as well as consumer and financial services. The partners’ track records include hits such as Baidu.com, Inc (NASDAQ: BIDU), Focus Media Holding Ltd (NASDAQ: FMCN), Kongzhong Corp (NASDAQ: KONG), Cambridge Real Estate Investment Trust (SGX: CREIT), Sunfun Info Co. (Gretai: 5278) Asian Food Channel (trade sale), UUCUN (trade sale), TWG Tea (trade sale), RTG Asia (trade sale), JJE (trade sale), Hillstone (trade sale), M-Daq (trade sale), Tenfen (trade sale), Kuyun (trade sale) and Mainspring (trade sale). The total market value of the companies that the partners have helped grow exceeds US$ 90 billion today. Vickers Venture Partners announced in October 2017 that they have raised US$ 230 million to invest in startups around the world, with a particular focus on deep tech across the globe and impact investments in emerging markets.
Vickers Venture Partners was founded by Finian Tan together with his co-founders Khalil Binebine, Jeffrey Chi, Damian Tan, Linda Li and Raymond Kong in 2005. It is based in Singapore with offices in Kuala Lumpur, Shanghai, Hong Kong, New York, San Diego, Silicon Valley, and London.
Vickers Venture Partners
Deputy Managing Director
Eavor Technologies Inc.
President & CEO