Eavor Technologies, a Calgary-based clean energy company developing geothermal technology, has secured CA$50 million in Series B funding led by OMV. The funding will be used to accelerate the commercialization of Eavor’s Eavor-Loop technology, which is a scalable, clean and reliable source of geothermal energy.
The funding round saw contributions from Eavor’s existing partners including bp Ventures, Eversource Energy, Vickers Venture Partners, and Chubu Electric Power, which has converted its debenture.
Founded in 2017 by John Redfern and Paul Cairns, Eavor’s technology uses a closed-loop system to extract heat from the Earth’s crust. The system’s modular, scalable design enables it to generate electricity and heat for diverse applications, including homes, businesses, and industries.
OMV AG, an integrated oil, gas, and chemicals company based in Vienna, has forged a commercial agreement to champion the large-scale deployment of Eavor-Loop™ technology, initially focusing on Austria, Romania, and Germany.
We have been working with OMV for over a year on this partnership and continue to be impressed by their technical expertise and dedication to the energy transition. We look forward to building on this foundation with OMV, to deliver true energy independence, security and autonomy to Europe.”
John Redfern, President, CEO and Co-Founder at Eavor
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Eavor’s Eavor-Loop™: The future of clean energy
Eavor and its project partners will start drilling operations this summer. These operations will take place at the Eavor-Europe™ site near Geretsried, Bavaria, Germany. This project is the first commercial implementation of an Eavor-Loop™. It will serve as a showcase for zero-emissions heat and power production capabilities of the next-generation geothermal.
The Eavor-Loop™ at this site will provide clean baseload energy for district heating and power generation. It consists of multiple large underground radiators buried at 4,500 metres. This technology doesn’t produce any greenhouse gas (GHG) emissions during operation. It provides a renewable heat and power source that’s scalable and secure. The project in Geretsried is expected to result in 8.2 MWe and approximately 44,000 tCO2e GHG emissions avoided per year. Eavor estimates that around 20,000 homes will be powered with clean energy harnessed from the Earth by this project.
The Agreement with OMV will speed up the commercialization of Eavor-Loop™. It will contribute to the full decarbonization of district heating and cooling in Europe and beyond.
We are excited about the partnership with Eavor and look forward to apply this next-generation geothermal energy technology to reach our green energy goals.”
Berislav Gaso, OMV Executive Vice President for Energy
Earlier this year, the Eavor-Europe™ project secured a €91.6 million grant from the European Innovation Fund (EIF). The EIF expects to make over €38 billion by 2030 from the EU Emissions Trading System (ETS). Till date, the company has secured total funding of CA$172.9 million from 11 investors.
Also read: Canada cleantech tax credits get big boost in federal budget
