Eavor Technologies Inc., a Calgary, Alberta, Canada-based provider of advanced geothermal energy solutions, closed a $182m financing.
The round was led by OMV AG, with participation from Canada Growth Fund, Japan Energy Fund, Monaco Asset Management and Microsoft’s Climate Innovation Fund, as well as existing investors BDC, bp Ventures, Eversource Energy, Temasek and Vickers Venture Partners. Chubu Electric Power Co., Inc. completed the conversion of their debentures.
The company intends to use the funds to accelerate the development and deployment of its geothermal technology.
Led by John Redfern, President & CEO, Eavor has developed patented Eavor-Loop™ technology, 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 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.
FinSMEs
28/10/2023