For the second consecutive year in a row, Eavor has solidified a position among the top energy and power companies in the Global Cleantech 100 list of 2024. Eavor was also mentioned in the Trend Watch 2024 page, where it was listed as five of the forty-two energy and power companies that garnered investments from the Microsoft Climate Innovation Fund.

A recently published CBC article demonstrates great optimism for Canadian geothermal in the upcoming decade due to technological advancements, dubbing geothermal a “long-overlooked climate solution.” Eavor CEO John Redfern explains that knowledge of geothermal’s vast sources across the country has been known for a long time; however, economic viability to reach high temperatures in the subsurface was lacking, and restricted expansion.

Canada Growth Fund’s (CGF) investment into Canadian cleantech is estimated to catalyze more homegrown innovations, and according to a Canadian Bar Association publication, this will establish a new structure in energy legal frameworks. Elizabeth Burton, Gowlings WLG’s financial services practice group leader in Calgary, expresses excitement about this future circumstance, highlighting the CGF’s potential to cultivate a distinct Canadian expertise in technology development.

The hottest temperatures ever reached by a geothermal project could happen as early as 2026 in Iceland, where the Krafla Magma Testbed (KMT) aims to tap into the Krafla volcano’s magma chamber to access super-hot fumes. If successful, the article states that this project could promise immense geothermal energy at an unprecedented scale for Iceland’s population, at least ten times more power than conventional geothermal plants.

An article published on SciTechDaily emphasized that the ability to extract energy from superhot rock has the potential to “change everything” in the renewable energy landscape. The article, written by Quaise Energy’s Elizabeth Thompson, highlighted that tapping into heated rock several miles into earth’s subsurface was a major topic at the Geothermal Rising Conference of 2023, as showcased in 18 individual papers.

Eavor’s pivotal role in Calgary’s cleantech expansion has garnered recognition from both Nate Glubish, the Minister of Technology and Innovation at the Government of Alberta, and has been highlighted in a comprehensive report by Colliers. This acknowledgment signifies Eavor’s leading contribution to Calgary being the fastest-growing digital innovation hub in Canada. As a result, the city is witnessing heightened interest from investors.