Venture-backed Eavor Technologies secures investment from Chubu

In conjunction with the investment, a representative of Chubu will join Eavor's board of directors.

  • Chubu is one of the largest energy companies in Japan 
  • Eavor’s other investors include Vickers Venture Partners, BP Ventures, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling and BDC Capital

Eavor Technologies, a Calgary-based geothermal power generation technology company, has secured an investment from Japan’s Chubu Electric Power. No financial terms were disclosed.

In conjunction with the investment, a representative of Chubu will join Eavor’s board of directors.

John Redfern, president & CEO at Eavor, said in a statement, “The opportunity and plan for global deployment of this technology requires partners like CHUBU. The involvement of CHUBU as one of our partners and Board members represents a fantastic endorsement of our technology, its commercialization and global scalability. Ultimately, when it lives up to its potential, Eavor’s solution is not only the missing element needed to fully decarbonize the world’s energy supply, it is also an opportunity for localized economies to obtain resilient, independent, autonomous, domestic energy resources. This changes everything.”

Eavor’s other investors include Vickers Venture Partners, BP Ventures, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling and BDC Capital. The company last year closed $40 million financing.

Chubu is one of the largest energy companies in Japan and is listed on the Tokyo Stock Exchange.