Eavor’s 2024 – Year In Review
2024 was a pivotal year for Eavor, which saw our company secure substantial financing while hitting critical technological milestones at our first commercial-scale project, including the successful intersection of lateral wells, achieving health, safety, and environment (HSE) targets, and improving the HSE culture. With strong financial backing and a growing global network of partners, we’re more focused than ever on innovating and leading the way in clean energy autonomy — harnessing the momentum of this transformative year to drive an even greater impact ahead.
Our growth this year has been driven by key investments in both our company and our individual projects, most importantly the investment of €130 million in debt financing for our first commercial-scale geothermal project in Germany, supported by EIB, JBIC, ING Bank, and Mizuho Bank. In addition to the $239 million CDN raised in 2023 as part of our Series B, Eavor secured a further $87 million CDN in 2024 from strategic investors.
We made significant strides in proving the commercial viability of the Eavor-Loop™ technology, particularly at our first-of-a-kind (FOAK) project in Geretsried, Germany. Key technological milestones achieved in 2024 included the successful intersection of multiple lateral wells while reaching the required depth and temperature for geothermal production. Using magnetic ranging and intersection tools, we were able to achieve the world’s deepest well intersections multiple times. Additionally, we made advancements in our Rock-Pipe™ sealing and isolation system, using it to seal multiple lateral pairs, verified by pressure testing of entire intersected wellbores. This was further supported by the successful deployment of our new proprietary Eavor-Link™ Active Magnetic Ranging (AMR) tool, which enables connections without using wireline tools, saving time and cost.
We completed multilateral exits from cased holes, ensuring precision in wellbore placement and alignment. Our team also completed extended-reach multilateral horizontal wells, each approximately 8,000 meters in measured length, along the borehole (vertical and horizontal sections included) — further demonstrating the system’s ability to scale.
These technological breakthroughs lay the foundation for future geothermal projects and show Eavor’s ability to deploy innovative solutions on a commercial scale. The learnings gained at this FOAK project are invaluable and foundational to unlocking future project drilling efficiencies.
This year also saw the completion of an Organic Rankine Cycle (ORC) power plant and balance of plant systems at the Geretsried site. The power plant is now ready to receive initial heat energy inputs, marking another critical step toward full-scale production and demonstrating the predictability of the Eavor-Loop™ system and its ability to shorten development timelines.
While drilling progresses in Germany, we confirmed the performance of our insulated drill pipe technology, further validating our innovative approach to geothermal drilling. We also unveiled Eavor-Suite™, a comprehensive software package designed to streamline the planning and design of Eavor-Loop™ projects. The software, which captures and builds on the lessons we are learning, will be licensed to our partners so they have the benefits of our accrued experience. With these milestones, we’re poised to make our Eavor-Loop™ technology available worldwide.
On top of these efforts, with Eavor’s support, the Government of Alberta announced $50 million CDN funding for the Alberta Drilling Accelerator (ADA), an initiative aimed at supporting the development and commercialization of advanced drilling technology for geothermal and other applications.
Eavor facilitated a Feasibility Study on behalf of the Government of Alberta to assess the viability of a new drilling technology incubator and funding program. This work included stakeholder engagement, administrative investigation, and business planning for the proposed ADA project.
This year was not just about technology and financing, but also about building a global network of partners and stakeholders. Eavor hosted our inaugural Partner Summit at the Geretsried site in September, bringing together over 120 current and prospective partners for an exclusive tour of our first commercial project and extended discussions on additional opportunities (including the “soft-launch” of the Eavor-Suite™ modeling tool). Attendees came from across the globe, including Japan, New Zealand, Taiwan, North and South America, and various European countries. With crucial support from Eavor GmbH, the event welcomed a diverse array of participants, from investors to vendors, government officials, business leaders, and researchers.
While the primary goal was to update current partners on Eavor’s progress and show our gratitude for their invaluable support, we also sought to enable discussion between partners and attract new partners by showcasing Eavor as a dynamic and viable organization with material opportunities in which they can participate. In a post-conference survey, there was universal support for another summit in 2025 (mark your calendars for September 16-18, 2025). Eavor enjoys hosting members of the community at our onsite visitor center at Geretsried where students, members of the public and other stakeholders can interact with project team members and learn firsthand about how the Eavor-Loop™ technology works!
Geretsried, Germany
In addition to the technological milestones achieved at the Geretsried project, a major heat supply agreement with Isar Loisach Naturwärme GmbH to supply up to 81,200 MWh of heat in Geretsried was signed, marking a key step in Bavaria’s energy transition and advancing Eavor’s heating solution. Once the first loop of the Geretsried project power plant is tied into the electrical grid, the work on the district heating system in Geretsried can begin. Ultimately, this project will be a combined heat and power project serving the heating needs of the town in the winter when heating demand is highest.
Hanover, Germany
Our geothermal heating project in Hanover, in collaboration with enercity, the local utility, will provide 15% to 20% of the district’s heating needs, helping Hanover meet its 2035 climate-neutral target. This project will begin drilling in Q2, 2026, with operations set to start in Q1, 2027.
Neu-Ulm, Germany
We formed a strategic partnership with SWU Stadtwerke Ulm/Neu-Ulm GmbH to explore the potential of our closed-loop technology in reducing carbon emissions in Neu-Ulm, Germany.
Eavor GmbH held a town hall in the city centre on February 22, 2025, with participation from the public sharing information on our urban seismic program. The town hall was a great success and was followed by a successful acquisition program on March 15th, 2025.
Tilburg, The Netherlands
Eavor is in the development stages of a district heating project in Tilburg, The Netherlands with partners Ennatuurlijk Aardwarmte BV, a local district heating utility and EBN Aardwarmte BV, 100% owned by the Dutch state. In March 2024, The Netherlands Enterprise Agency awarded our Tilburg project a heat subsidy with a value of up to €154 million over 15 years, as part of its SDE++ or Incentive for Sustainable Energy Production and Climate Transition program. The scheme guarantees a minimum heat price for a fixed amount of energy during the project’s first 15 years of production, highlighting the continued trust in our innovative solutions.
The North American project pipeline continues to advance through strategic partnerships. Eavor continues to work with the United States Department of Defense through the Defense Innovation Unit to high grade a first commercial project, utilizing deep drilling techniques developed at the Eavor Deep™ site in New Mexico, to supply power directly to US Air Force bases. A feasibility study at CU Boulder is ongoing to determine the viability of using Eavor-LoopTM to provide energy autonomy to the campus through deployment of geothermal heat and power generation.
For the second year in a row, Eavor has solidified a position among the top energy and power companies in the Global Cleantech 100 list, and we were humbled to receive the prestigious Suzanne West Environmental Excellence award at the Global Energy show in June 2024. The award commemorates the memory of Suzanne West, a Canadian visionary and energy leader, who championed environmental stewardship in the oil and gas industry. The award serves to recognize technologies or initiatives that aim to reduce environmental footprints and emissions in the energy industry.
In March 2025, Eavor was named one of the World’s Top Greentech Companies of 2025 by TIME Magazine, recognizing the innovative technologies shaping the future of energy.
The Eavor Edwarme Geretsried GmbH (EEGG) received the IJGlobal Award for the Geothermal Deal of the Year for the financing of the Geretsried project.
As Eavor wraps up a groundbreaking year, we are more focused than ever on scaling our operations and leading the charge toward achieving local clean energy autonomy everywhere. With robust financial backing, cutting-edge technology, a talented and driven team, and a global network of strategic partners, Eavor is perfectly positioned to lead the way in developing the next wave of clean, secure, reliable energy solutions.
Throughout 2024, Eavor has strategically engaged with the media through interviews, podcasts and a range of industry events, as well as presented technical papers and participated in high-profile conference panels. Our goal has been clear: to raise awareness of the untapped potential of geothermal energy, emphasize the importance of strategic partnerships for growth, and advocate for the regulatory and policy changes necessary to unlock this game-changing resource.
The impact of these efforts has been extraordinary. We’ve connected with numerous individuals and organizations that share our vision for energy autonomy through advanced closed-loop geothermal, which offers clean, scalable, and always-on heat and power.
Looking ahead, we remain committed to expanding our thought leadership, reinforcing our presence in the industry, and continuing to share Eavor’s transformative vision with the world.
Sincerely,
John Redfern
President + CEO
The First Truly Scalable Form
Of Clean Baseload Power
