Eavor has become one of the recipients to some of the largest Canadian cleantech investments this year. Alongside CarbonCure Technologies and OYA Renewables, Crunchbase News allocated Eavor’s successes as evidence that Canada is “moving up the cleantech ranks” in the world.
Canada’s increased funding for cleantech startups is projected to exceed last year’s record-setting totals, according to Crunchbase. Despite Canadians making up about 0.5 percent of the global population, the country ranks fifth in the world for cleantech investments between 2021 and Q3 2023.
In 2023, Canadian startups in sustainability-focused sectors, as documented in the Crunchbase dataset, received nearly $1b US dollars in funding, spanning from seed to growth-stage investments. Noteworthy sectors leading this surge include carbon capture, geothermal energy, and utility-scale solar.
Furthermore, over 50 percent of those investments have been directed towards companies ranging from seed to Series B funding stages. While not exclusively to newly established ventures, a significant portion of substantial funding rounds has been secured by startups founded within the last four years.
Eavor is one of those companies; closing its $182m Series B led by OMV and substantially supported by the Canada Growth Fund (CGF). Last October, Eavor hosted a press conference at its head office in Calgary with an array of well-esteemed investors, as well as the Deputy Prime Minister Chrystia Freeland. Eavor was announced as the inaugural recipient of the CGF, and the investment emboldened Eavor’s effort to deploy Eavor-Loop™ systems worldwide, as expressed by Eavor President and CEO John Redfern.
The CGF’s strides to bolster clean technology demonstrates the ongoing effort to decarbonize heat and power markets, and according to CEO of CGF Investment Management Patrick Charbonneau, Eavor is championing a global acceleration towards a sustainable future.