Eavor

Calgary’s Eavor, in collaboration with Alberta’s Minister of Environment & Protected Areas, Rebecca Schulz, and several key associations, has announced the launch of the Alberta Drilling Accelerator (ADA). This pioneering initiative will establish Canada’s first technology-agnostic geothermal test site, enabling the development and deployment of innovative drilling technologies.

The ADA aims to position Alberta as a global leader in geothermal technology, enhancing its reputation in renewable energy sectors. It aligns with international efforts like Utah FORGE and Germany’s Deep Drilling Programme, intending to drive geothermal commercialization and support Alberta’s net-zero 2050 ambitions and energy security goals.

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Canada Growth Fund (CGF) is set to inject $90 million into Eavor Technologies, a Calgary-based geothermal energy company. Eavor’s proprietary closed-loop geothermal system, Eavor-Loop™, promises clean, reliable baseload heat and power.

This investment by CGF aims to sustain jobs in Alberta and keep Eavor’s workforce in Canada. The funds, in the form of Series B preferred equity, will support Eavor’s growth, retaining intellectual property and creating more jobs in the process.

Eavor’s innovative technology could have a global impact by reducing greenhouse gas emissions.

Want to know more? Check out the source code on Calgary.tech.

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.

Want to know more? Check out the source code on Calgary.tech.