The European Investment Bank (EIB) has recently granted €45 million in financial support for Eavor’s commercial project in Geretsried, marking a significant step towards establishing a “holy grail” geothermal energy source in Europe.
This new investment, backed by the InvestEU program, follows the awarding of a €91.6 million grant to Eavor by the EU Innovation Fund (EIF). Joining the EIB in financing this venture are key entities such as the Japan Bank for International Cooperation (JBIC), ING Bank N.V. (ING), and Mizuho Bank, Ltd. (Mizuho), with security management overseen by the Japanese export credit agency Nippon Export and Investment Insurance (NEXI). Compliant with the green loan principles of the Loan Market Association, the funding package amounts to €130 million, with advisory services provided by Green Giraffe Advisory in structuring the financing arrangement.
Wopke Hoekstra, EU Commissioner for Climate Action, remarked that Eavor’s technology exemplifies geothermal energy’s crucial role in helping the EU achieve its net-zero ambitions, and how this technology can provide “low-carbon heating to thousands of households and businesses.”
Moreover, Vice President of the EIB Nicola Beer, overseeing financing in Germany, underscored the role of Eavor-Loop™ technology in facilitating Germany’s transition away from fossil fuels, noting its significant contribution to enhancing energy security.
Expressing gratitude for the newest wave of co-financing, Director of Eavor GmbH Daniel Mölk commented that Eavor is “impressed and honoured” that Europe is recognizing Eavor as a pivotal player in driving climate neutrality and bolstering energy security across the continent.
Eavor has already secured contracts for heat delivery in 2026 and is expanding with a second project in Hanover, Lower Saxony, aiming to supply 15-20 percent of district heating demand. With these secured contracts and expansion plans, Eavor is positioned to make substantial contributions to Europe’s energy landscape. Its innovative approach to geothermal energy, supported by significant financial backing, reflects a growing interest in sustainable energy solutions across the continent.
