Eavor, a Calgary-based geothermal company, has completed a $50 million Series B equity round.
OMV AG led the funding and established a commercial agreement with Eavor to deploy their Eavor-Loop technology at a large scale across Europe and beyond.
Existing partners, including bp Ventures and Eversource Energy, also invested in this round.
The partnership designates OMV as a key collaborator, granting them preferred licensing terms and development support. Initial focus will be on deploying Eavor-Loop in Austria, Romania, and Germany.
Eavor’s drilling operations for their Eavor-Europe site in Germany are set to commence this summer.
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