Capital Raise of $182 Million Confirms Eavor as the Leader in Scalable Geothermal
CALGARY, Alberta, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Eavor Technologies Inc., (“Eavor”) a pioneer in the field of advanced geothermal energy solutions today announces the successful completion of $182 million in financing. This significant investment will enable Eavor to accelerate the development and deployment of its revolutionary geothermal technology. The equity round was led by OMV AG, with participation from Canada Growth Fund (“CGF”), Japan Energy Fund, Monaco Asset Management and Microsoft’s Climate Innovation Fund. Existing investors BDC, bp Ventures, Eversource Energy, Temasek and Vickers Venture Partners contributed and supported the funding round, while Chubu Electric Power Co., Inc. completed the conversion of their debentures.
Eavor’s patented Eavor-Loop™ technology is a closed-loop system that circulates a benign working fluid through a network of underground drilled passages, creating a continuous heat exchanger that taps into the natural heat of the Earth. This breakthrough technology has the potential to provide a consistent and resilient source of clean energy, free from intermittent production limitations, while also offering a significantly smaller environmental footprint compared to traditional geothermal systems. The Eavor-Loop™ offers a game-changing solution by making geothermal energy accessible, scalable, and cost-effective virtually anywhere on Earth.
"We are delighted to have the support of our new investing partners and the continued commitment of existing partners while we advance the commerciality of our Eavor-Loop™ technology, beginning with our first full scale project already in construction at Geretsried in Germany. The funding received here today emboldens our efforts to deploy Eavor-Loop™ systems worldwide helping to drive us all towards a sustainable, reliable, and bright energy future", said John Redfern, President & CEO of Eavor.
“An important aspect of CGF's mandate is to invest in Canadian clean technology companies at the commercialization stage of development," said Mr. Patrick Charbonneau, CEO of CGF Investment Management. "Eavor, a homegrown clean technology champion, has the potential to accelerate decarbonization of global heat and power markets, and we're proud to support this Alberta-based company as they scale up and grow their business worldwide."
“We are pleased to work with Eavor to support their development through the Microsoft Climate Innovation Fund,” said Adrian Anderson, General Manager, Renewables and Carbon Free Energy at Microsoft. “On our journey to becoming carbon negative by 2030, we recognize that innovation and collaboration are fundamental to how we build a more sustainable world. We look forward to Eavor’s innovations in geothermal energy solutions to scale the market with consistent and reliable sources of clean energy.”
National Bank Financial acted as exclusive financial advisor to Eavor. DS Lawyers Canada LLP acted as legal advisor to Eavor.
About Eavor Technologies Inc.
Eavor (pronounced “Ever”) is a technology-based energy company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean, dispatchable, baseload capable, and flexible heat and power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid that is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This radiator simply collects heat from the natural geothermal gradient of the Earth via conduction. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, OMV and now the Canada Growth Fund (CGF) and Microsoft. email@example.com – Eavor.com
About OMV Aktiengesellschaft
With Group sales revenues of EUR 62 bn and a workforce of around 22,300 employees in 2022, OMV is amongst Austria’s largest listed industrial companies. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe. OMV’s Fuels & Feedstock business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 1,800 filling stations in nine European countries. Inc the Energy segment, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2022 amounted to 392 kboe/d. Its activities also include the Low Carbon Business as well as the entire gas business.
About the Canada Growth Fund (“CGF”)
CGF is a $15 billion arm’s length public investment vehicle that will help attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains. In Budget 2023, the Government of Canada announced that PSP Investments would act as investment manager for CGF. PSP Investments has created a wholly owned subsidiary, CGFIM, to act as the independent and exclusive investment manager of CGF.
Microsoft Climate Innovation Fund: https://www.microsoft.com/en-us/corporate-responsibility/sustainability/climate-innovation-fund
Eavor Technologies Inc.
President & CEO
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