Calgary-based Eavor Technologies has received a financing commitment of up to $138 million from Canada Growth Fund (CGF), reinforcing the city’s position as a hub for energy innovation.
The deal includes an immediate $89 million investment and an additional $48 million pending milestone achievements. It follows CGF’s initial $90 million investment in October 2023 and supports the ongoing construction of Eavor’s first commercial-scale project in Geretsried, Germany.
Founded in 2017, Eavor has developed a closed-loop geothermal system—Eavor-Loop™—that draws on Alberta’s deep reservoir of drilling expertise. Recent milestones include the deployment of the Eavor-Link™ Active Magnetic Ranging system and proprietary Rock-Pipe™ sealing technology, innovations that were advanced by talent based at the company’s Calgary headquarters.
“Eavor’s continued growth will secure its innovation and employment footprint in Canada,” CGF stated, highlighting that the company’s leadership and employee base will remain rooted in Calgary.
“We are grateful for CGF’s continued commitment to our Canadian company, which uses Albertan expertise to drive innovation in the development of new advanced geothermal technologies,” said John Redfern, Co-Founder and CEO of Eavor.
Yannick Beaudoin, President and CEO of CGF Investment Management Inc., said the investment aligns with CGF’s mission to scale high-impact Canadian businesses. “Eavor is well aligned with our mandate,” he noted.
Since its launch in June 2023, CGF has announced 13 investments totaling $2.7 billion across Canada, with Eavor standing out as a flagship Calgary-based cleantech innovator.
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