OMV spotlighted Eavor’s technology in their latest Sustainability Report 2023 as the leading closed-loop geothermal energy solution developer worldwide; furthermore, demonstrating how the partnership is furthering OMV’s ambitions to develop clean heat solutions for Europe and beyond. In June 2023, Eavor completed the first close of their Series B equity with OMV leading the round with a €34 million (C$50mm) investment. OMV acquired a 6.5 percent stake in the company, which allowed Eavor to achieve commercialization to pursue large-scale deployment of Next-Gen Geothermal technology.

As the U.S. government intensifies efforts to promote the adoption of Next-Generation Geothermal, the Bureau of Land Management (BLM) announced it is seeking to speed up permitting on federal land. Historically, geothermal initiatives faced extensive federal reviews under the National Environmental Policy Act. On April 15 BLM said it would integrate two established categorical exclusions into its evaluation framework. These exclusions will streamline the review process for geothermal projects, potentially facilitating next-generation geothermal exploration and adaptation efforts. Notably, these exclusions have already been successfully implemented by the U.S. Forest Service and the Department of the Navy.

Canada Growth Fund (CGF) has committed C$50 million to Idealist Climate Impact Fund LP, managed by Idealist Capital, marking its third major investment. This venture underscores CGF’s continuing ambition to foster growth and innovation within the Canadian clean technology sector. Idealist Capital, a Montreal-based investment manager, focuses on providing growth equity investments to companies driving the energy transition. With a mission to accelerate decarbonization, Idealist integrates Environmental, Social, and Governance (ESG) criteria into its investment decisions, aiming to deliver superior risk-adjusted returns.

Dr. Carsten Reinhold, a geoscientist and feasibility manager at Eavor GmbH, recently shared insights on the benefits of Eavor’s technology as a guest on OMV’s podcast. In this episode that summarizes geothermal’s potential, host and journalist Steve Chaid introduces geothermal as the “very important last link that is connecting an infinite renewable resource with population centers around the world.”

Eavor-Loop™ technology could be instrumental in propelling Japan towards its target of achieving carbon neutrality in a recent dialogue with Japan External Trade Organization (JETRO) and James Heatherington, VP and Representative of Eavor Japan. The decision to enter the Japanese market was fueled by strategic partnerships, notably with Chubu Electric Power Company, a prominent utility player in Japan. Through direct investments and collaborative ventures in Geretsried, Chubu Electric has not only provided financial support but also bolstered Eavor’s credibility within the Japanese energy sector.

Eavor founder and CEO John Redfern was listed within The Power List 2024 curated by Maclean’s Magazine, earning a place among the top 10 influential individuals in Canada championing climate-friendly solutions. Maclean’s described Eavor’s closed-loop technology as the solution that “cracked the code” to globally scaling geothermal, providing sustainable clean energy while simultaneously expanding a once-niche industry.