Calgary’s Eavor (pronounced “Ever”) is receiving $90 million from the federal government to help it scale its geothermal closed-loop technology at a commercial level.
Eavor has developed an innovative technology solution to produce clean, reliable baseload heat and power using a proprietary closed loop geothermal system called Eavor-Loop™.
Deputy Prime Minister and federal Finance Minister Chrystia Freeland made the announcement Wednesday afternoon in downtown Calgary.
Eavor is the first recipient of Canada Growth Fund (CGF) support, a $15-billion federal program created in 2022 with the intention of supporting low-carbon finance initiatives.
CGF has a mandate to help transform and grow Canada’s economy at speed and scale on the path to net-zero. One pillar of this mandate is specifically to invest in Canadian clean technology businesses that are scaling technologies currently at the commercialization stage.
The federal investment follows a $50 million Series B equity round led by OMV AG which included a commercial agreement with Eavor to pursue large-scale deployment of Eavor-Loop technology in Europe and beyond.
Eavor was named to the the prestigious 2023 Global Cleantech 100 list earlier this year.