Eavor receives $90m investment from Canada Growth Fund with Deputy Prime Minister’s support

On Oct 25th, 2023, A press conference held at Eavor’s central office in downtown Calgary hosted multiple high-profile industry leaders to announce Canada Growth Fund’s (CGF) $90m investment in Eavor, including Deputy Prime Minister Chrystia Freeland.

“The great people here at Eavor are doing some incredibly important and innovative work. In the years to come, that work will be more important than ever for Alberta, for Canada, and for the whole world,” said Freeland.

In light of climate change, as Freeland explained, Eavor’s global presence is growing substantially, and it has the potential to become a cleantech leader as economies around the world restructure themselves to suit net-zero ambitions.

“Canada has to keep up,” Freeland emphasized. “We have to not just keep up, we have to be in the lead. That is why our clean economy jobs plan is making historic investments to build Canada’s clean economy and create a new generation of opportunities for Canadian workers and Canadian businesses.”

Speakers at the press conference included Managing Director of ARC Financial Corp Peter Tertzakian, President and CEO of PSP Investments Deborah Oridah, CEO of the Canada Growth Fund Patrick Charbonneau, and Alberta Minister of Environment and Protected Areas Rebecca Schulz.

Eavor CEO John Redfern expressed gratitude for generous investments in Eavor’s technology, and emphasized that funding from the CGF is integral for Eavor to keep headquarters in Calgary. Furthermore, federal assistance will allow Eavor to “identify Canadian projects that could fit into Eavor’s global pipeline.”

The latest of Eavor’s global ventures have taken place in Geretsried, Germany, where Minister Schulz witnessed the inauguration of Eavor’s first commercial power plant. Schulz recalled this experience during her speech, and complemented Eavor’s hardwork in exporting Alberta-born innovation to the world, showcasing the province’s characteristic entrepreneurial spirit.

Oridah emphasized that PSP Investments is optimistic about Eavor’s expansion, as the company has been invested in Canada’s renewable energy sector since 2011. With $50 billion currently allocated, leveraging the nation’s resource wealth for its competitive advantage is something Canada is excelling at.

Charbonneau emphasized that the CGF’s “doors are open” and they aim to facilitate impactful deals, as demonstrated by their recent transaction with Eavor. The team remains dedicated to ensuring the fund’s success and anticipates further developments in the near future.

Watch the press conference here:

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