The Calgary Herald and The Globe and Mail recently published articles pertaining to Eavor’s press conference, highlighting the milestone first investment from the Canada Growth Fund (CGF) into Eavor. A $90m fund into Eavor represents approximately half of its $182m Series B funding round. This fund will allow the company to scale up its business, retain autonomy over intellectual property, and keep its headquarters in Calgary. Furthermore, it will amplify opportunities for local professionals to find careers with Eavor and its networks.

On October 17, 2023, the Minister of Environment and Protected Areas, Rebecca Schulz, announced the Emerging Innovators Challenge (EIC) in conjunction with Emissions Reduction Alberta (ERA) CEO Justin Riemer. The EIC will administer $40 million to support small and medium-sized enterprises (SMEs) as well as Indigenous communities scale-up, pilot, and demonstrate first-of-a-kind projects that enhance emissions reduction. Previous ERA funding mechanisms akin to the EIC, which Eavor successfully applied for, played an imperative role in commercialization, catalyzing the Eavor-Lite™ prototype near Rocky Mountain House. Jeanine Vany, Eavor’s Executive Vice President of Corporate Affairs, was pleased to validate the importance of this initiative and lend endorsement to the Government of Alberta and ERA.

SustainablEarth Power Youtube channel broadcasted Eavor’s closed-loop technology in a new video, advocating how Advanced Geothermal Systems (AGS) are a disruptive and transformative technology that has the potential to become a “globally significant solution for clean electricity.” AGS has many advantages over traditional geothermal technologies. Its technology mitigates many challenges and risks associated with drilling systems that traditional geothermal and oil and gas companies use, such as exploratory risk and induced seismicity. Being a form of AGS, this gives Eavor-Loop™ technology the means to be implemented almost anywhere on the planet, as there is a nearly endless supply of heat in the Earth’s mantle continuously heating the bedrock beneath our feet.

Published in the Renewable Energy journal, Eavor’s Matt Toews, Michael Holmes, and Vlad Zatonski’s collaborative research with Sinton Lab has unearthed new knowledge about phase change slurries (PCS), proving the fluid’s vitality to enhance closed-loop systems. The publication was showcased in a LinkedIn post by Vikram Soni, where the article titled “Performance Analysis of Phase Change Slurries for Closed-Loop Geothermal System” introduced results of the joint research, which could provide opportunity to utilize this new knowledge in a way that benefits future Geoenergy systems.

Italian publication Yahoo Finanzas wrote an article calling for greater attention to be paid to underutilized geothermal resources in Tuscany. Furthermore, the article proposed that Eavor-Loop™ technology could be a viable asset in overcoming investment risk associated with geothermal energy. Situated in Larderello, the world’s most ancient geothermal power site, Enel Green Power harnesses the earth’s heat to generate approximately 5 percent of Italy’s clean energy. This is a model that can be expedited to other European nations, as only about 1GW of renewable electricity capacity is currently being provided by geothermal in the EU as of 2022.

Eavor’s Geoenergy technology was featured in an article published by calgary.tech, noting the company’s accomplishments in creating local jobs and enhancing energy security across the globe. The Alberta Government’s $2 million funds to assist Eavor’s first commercial power plant in Geretsried, Germany, was highlighted alongside Rebecca Schulz’s compliments for Eavor’s innovations. Schulz, among various policy makers and politicians, including German Chancellor Olaf Scholz, attended the inauguration of the Geretsried power plant last month, and described Eavor as a “made-in-Alberta success story.”