Eavor was recently ranked among the top 10 clean technology companies on the Narwhal List of 2024, a report that benchmarks Canadian scaleup companies.
Among the 44 companies from Calgary featured on the list, Eavor stood out with its robust 84 percent scaleup rating, surpassing the clean technology sector’s average of 49.2 percent.
Eavor’s inclusion on the Narwhal List underscores its commitment to innovation, as it is among the near 50 percent of clean technology companies with developed patents. One notable example is Eavor’s Rock-Pipe™ technology, which utilizes a chemical reaction to seal surrounding rock permeability. This limits the need to construct casing in many of the boreholes, enabling a greater cost-efficient implementation.
With total funding of over US$364,000,000 Eavor demonstrated substantial growth, the most recent investment came from the European Investment Bank (EIB), which granted €45 million to financially support Eavor’s first commercial project in Geretsried, Germany. As of October 2024, Eavor also raised $182 million in Series B funding, an equity round led by OMV. This funding, which included participation from Canada Growth Fund (“CGF”), Japan Energy Fund, Monaco Asset Management, and Microsoft’s Climate Innovation Fund, helps propel Eavor’s ambitions to generate energy autonomy on a global scale.
The Narwhal List is an annual evaluation of top Canadian tech firms, comparing 900 companies with over $10 million in capital to 15,000 North American scaling companies. Rankings, based on factors like capital acquisition, personnel growth rate, and employee size, offer percentiles indicating performance in scaling. This assessment, conducted by the Narwhal Project over eight years, identifies promising Canadian tech ventures with strong growth potential, with clean technology firms receiving the highest percentage of funding, approximately 35 percent of the total.
