Calgary-based geothermal technology company Eavor Technologies has landed $40 million (C$50.7 million) in financing. The round’s investors include bp Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource1 and Vickers Venture Partners. The funds raised will support Eavor’s aim to power the equivalent of 10 million homes by 2030.
CALGARY, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) — Eavor Technologies Inc., the leader in scalable geothermal technology, has completed a USD$40 million (CAD$50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline.
Eavor’s technology, known as Eavor-Loop™, uses the natural heat of the earth like a giant rechargeable battery. Fluids are heated by the earth and circulated in a closed network of underground wellbores, unlocking a reliable and consistent energy source. Eavor’s technology differs from other forms of geothermal in that it is a scalable “go anywhere” solution, harvesting geothermal heat to generate dispatchable power with zero emissions.
In addition to Eavor-Loop’s™ environmental benefits, the consistency of its heat harvesting gives it the potential to directly replace the traditional forms of baseload power such as coal and nuclear. The dispatchable nature of its design also makes Eavor-Loop™ a form of energy storage and thus singularly complementary to intermittent power sources like wind and solar.
The investments will also bolster Eavor’s on-going research and development efforts to drive the cost of Eavor-Loop’s™ clean dispatchable power to a price point that is competitive in all markets.
Felipe Arbelaez, bp’s svp zero carbon energy, said: “We see Eavor’s potential to be complementary to our growing wind and solar portfolios. Our expertise and experience also makes bp well equipped to support Eavor’s growth. Technology such as Eavor’s has the potential to deliver geothermal power and heat and help unlock a low carbon future.”
John Redfern, President & CEO, Eavor Technologies Inc., added: “I am delighted that with the funding closed in this round we can look forward to bringing down the cost of clean, dispatchable power to a universally competitive level – an important milestone for renewable energy. The involvement of companies such as bp and Chevron represents a fantastic endorsement of our technology, the progress we have made to date and the promise for its global scalability.”
Eavor (pronounced “Ever”) is a technology-based Energy company led by a team dedicated to creating a clean, reliable and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean dispatchable power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid which is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This “radiator” simply collects heat from the natural geothermal gradient of the Earth via conduction, at geologically common and drilling accessible rock temperatures. Further inquiries: Eavor Technologies Inc.: www.eavor.com