Eavor Technologies Inc., a Calgary, Alberta, Canada-based leader in globally scalable geothermal closed-loop technology, completed the first close of a €34m (C$50m) Series B equity funding round.
OMV AG led the round and has entered into a commercial agreement with Eavor to pursue large-scale deployment of Eavor-Loop™ technology in Europe and beyond. Follow-on investments from Eavor’s existing partners include bp Ventures, Eversource Energy and Vickers Venture Partners. Concurrently with the raise, Chubu Electric Power has converted its debenture.
The commercial agreement establishes OMV as a key partner with preferred licensing terms, access to services and development support. As a key partner, OMV will be focused initially on the deployment of Eavor-Loop™ in Austria, Romania, and Germany.
Led by John Redfern, President, CEO and Co-Founder, Eavor is a technology-based energy company whose solution (Eavor-Loop™) represents a scalable form of clean, dispatchable, baseload capable, and flexible heat and power. The solution circulates a benign working fluid that is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This radiator collects heat from the natural geothermal gradient of the Earth via conduction.
Eavor, with its project partners, will begin drilling operations at the Eavor-Europe™ site near Geretsried, Bavaria, Germany this summer. The project is the world’s first commercial implementation of an Eavor-Loop™, a showpiece of the zero-emissions heat and power production capabilities of next-generation geothermal.
FinSMEs
17/06/2023