- Existing Eavor investors BDC Capital, BP Ventures, Eversource Energy, Temasek and Vickers Venture Partners also participated
- Canada Growth Fund, managed by Public Sector Pension Investment Board, invested C$90 million
- The round’s proceeds will enable Eavor to accelerate the development and deployment of its geothermal technology
Eavor Technologies, a Calgary-based provider of advanced geothermal energy solutions, has completed its Series B financing, securing C$182 million.
The round was led by OMV, an Austrian energy company, with participation from Canada Growth Fund, Japan Energy Fund, Monaco Asset Management and Microsoft’s Climate Innovation Fund.
Existing investors BDC Capital, BP Ventures, Eversource Energy, Temasek and Vickers Venture Partners also participated, while Chubu Electric Power completed the conversion of their debentures.
Canada Growth Fund (CGF), a C$15 billion arm’s-length public investment fund intended to attract private capital to Canada’s clean economy, invested C$90 million. The fund is managed by Public Sector Pension Investment Board.
Eavor’s Eavor-Loop technology is 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.
The round’s proceeds will enable Eavor to accelerate the development and deployment of its geothermal technology.
“An important aspect of CGF’s mandate is to invest in Canadian clean technology companies at the commercialization stage of development,” said Patrick Charbonneau, CEO of CGF Investment Management, in a statement. “Eavor, a homegrown clean technology champion, has the potential to accelerate decarbonization of global heat and power markets, and we’re proud to support this Alberta-based company as they scale up and grow their business worldwide.”
National Bank Financial acted as financial advisor to Eavor, while DS Lawyers Canada acted as legal advisor.