🗳️ Question of the Week

Calgary's Eavor secures $138M to boost geothermal innovation

Calgary-based Eavor Technologies has secured a financing commitment of up to approximately $138 million from Canada Growth Fund (CGF) to advance the development and commercial deployment of Eavor's geothermal technology. The deal includes an immediate investment of about $89 million, with the remaining $48 million tied to specific project milestones. Founded in 2017, Eavor’s first commercial project is under construction in Geretsried, Germany.

This new capital builds on CGF’s initial C$90 million investment in October 2023 and will support Eavor’s continued technical development and Canadian operations. The investment ensures that Eavor's leadership and core team remain headquartered in Calgary, leveraging Alberta's drilling expertise for global geothermal innovation.

CGF President and CEO Yannick Beaudoin emphasized the importance of supporting Canadian firms like Eavor during key stages of growth, aligning with CGF’s mission to boost innovation in Canada’s industrial base. Eavor CEO John Redfern expressed gratitude for the continued backing, highlighting the company's progress in scaling clean, dispatchable energy solutions rooted in Alberta's technical strengths.

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