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.
In a press release announcing Eavor’s capital raise of $182 million, Adrian Anderson, General Manager of Renewables and Carbon Free Energy at Microsoft, stated that Microsoft is pleased to support Eavor’s development.
“On our journey to becoming carbon negative by 2030, we recognize that innovation and collaboration are fundamental to how we build a more sustainable world. We look forward to Eavor’s innovations in geothermal energy solutions to scale the market with consistent and reliable sources of clean energy,” said Anderson.
The Global Cleantech report reflects on the trajectory of cleantech funding, with the industry witnessing a drop-off in venture funding since previous years; however, the year 2023 demonstrated a general upward trend even without the outlier years of 2021 and 2022.
One element contributing to this resilience, according to the report, is the sustained corporate involvement in venture rounds. Notably, Microsoft Climate Innovation Fund played a pivotal role in supporting cleantech innovators.
The report also stated how the United States’ Inflation Reduction Act (IRA) acted as a catalyst for clean energy success this past year. The IRA has effectively mitigated risks for private sector investments, fostering a diverse range of financing for venture-backed innovators in 2023. A comparative analysis with the European Union reveals that US-based energy innovators saw a better 2022 and 2023 compared to previous years, while innovators in the EU saw a “significantly brighter half of 2023” than the first half.
Specializing in research, consultancy, and event services, Cleantech Group provides opportunities for sustainable growth powered by innovation. In an era where industries are transitioning to a digitized, de-carbonized, and resource-efficient future, Cleantech Group guides stakeholders through the entire spectrum, from crafting initial strategies to concluding crucial deals. This approach assists corporate change-makers, investors, governments, and stakeholders in navigating the evolving landscape towards a cleaner and more efficient industrial future.