A new update from energystartups.org places Eavor as the top geothermal energy startup in the world, a monumental achievement underlined by $365.3 million in accumulative funding.
Eavor has garnered generous investments from global energy investors, developers, and venture capital funds since its inception, including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, OMV, the Canada Growth Fund (CGF), and Microsoft.
2023 alone witnessed substantial support for the launch of Eavor’s first commercial project in Geretsried, Germany, including a €91.6 million grant from the European Innovation Fund (EIF) in March.
Eavor achieved another major milestone with a €34 million investment from OMV, an Austrian-based industrial company, alongside follow up investments from established partners and shares in the company being bought by Chubu Electric Power. This facilitated the successful commercialization of Eavor’s scalable closed-loop system.
After drilling for several months, Eavor celebrated the project’s inauguration in August. The event saw the attendance of German Chancellor Olaf Scholtz and Bavarian Prime Minister Markus Söder, where both esteemed politicians expressed optimism that Eavor’s technology will assist Germany in achieving its net-zero goals.
The year was concluded by the Canada Growth Fund announcing its inaugural investment in Eavor during Q4, with the promise to fund more Canadian startups and nurture Canadian innovation. Furthermore, the Microsoft Innovation Fund announced financial support to assist Eavor’s decarbonization ambitions.
As Eavor becomes a leader in geothermal energy, its achievements stand as a testament to the transformative power of innovation and strategic collaborations. The partnerships that Eavor has gained over its lifetime prove not only the company’s strive to provide clean, reliable energy to the world, but also the viability of Eavor’s technology to be scaled globally.
