Eavor’s Series B funding led by OMV commenced the commercialization of Eavor-Loop™ technology in multiple countries across Europe, and the news is quickly gaining attention from multiple publications.
Some of these include ThinkGeo, The Tech Factor, Venture Capital Journal, FinSMEs, Renewables Now, and Market Screener.
OMV, a leading energy company based in Austria, has secured a significant investment to expedite the commercialization of Eavor’s game-changing Eavor-Loop™ technology. This funding solidifies OMV as the primary investor in Eavor’s Series B equity round, with follow-up investments from bp Ventures, EverSource Energy, and Vickers Ventures Partners.
This partnership gives OMV preferred licensing terms for deployments of Eavor-Loop™ systems across Austria, Romania, and Germany. In the latest press release, Eavor CEO John Redfern explains that cooperative efforts with OMV have been ongoing for over a year, and looks forward to strengthening that foundation in the future. Additionally, VP Robert Winsloe stated that this partnership with OMV will supercharge Eavor’s efforts to “fully decarbonize district heating and cooling in Europe and beyond.”
According to Market Screener, OMV’s substantial investment in Eavor’s technology will empower both companies to advance geothermal energy as a clean and sustainable solution. Additionally, it was said that this creates a chance for OMV to use Eavor-Loop™ systems as a means to offer district heating networks outside of the normal hydrothermal areas.
Eavor’s technology is a closed-loop system that is drilled into deep subsurface rock. Due to a difference in pressure between hot and cold liquid, a working fluid circulates itself through the system without a pump when hot rock heats the liquid in the wellbore. This approach significantly mitigates barriers that traditional geothermal systems face, such as earthquake risk, aquifer contamination, and access to niche geological conditions. The versatile nature of the Eavor-Loop™ enables its application in diverse geological locations, making it truly scalable.
OMV has a presence in nine European countries, operating approximately 1,800 filling stations. In the Energy segment, OMV engages in oil and gas exploration and production across four key regions: Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. With a vision to transform from an integrated oil, gas, and chemicals company, OMV aims to emerge as a leading provider of innovative and sustainable fuels, chemicals, and materials. Simultaneously, they aspire to take on a global leadership role in advancing the circular economy. By transitioning to a low-carbon business model, OMV is committed to achieving net-zero emissions in all three Scopes by the latest target of 2050.
