Scovan’s IGNITE magazine recently interviewed Michael Holmes, Eavor’s VP of systems engineering and strategy, to inquire about the company’s mission to enable local energy autonomy worldwide.
As of August 2023, Eavor has inaugurated its first commercial project, Eavor-Europe™, in Geretsried, Germany. Holmes explains that this project is a “culmination of Eavor’s dedication and hard work” to innovate technology that scales reliable clean energy, and the journey to this commercial venture has been very fulfilling.
Holmes elaborates that Eavor-Loop™ technology mitigates many obstacles associated with traditional geothermal and Enhanced Geothermal Systems (EGS). These benefits also make Eavor’s systems compatible with intermittent sources like wind and solar, and can help them achieve full-scale decarbonization. This is due to the fact that Eavor does not require the utilization of hot aquifers, as it extracts energy from hot rock via conduction, which can be found virtually anywhere across the planet.
One recent achievement the company has made was securing a $90 million investment from the Canada Growth Fund (CGF) as a part of its $182 million Series B financing. As of October 2023, Eavor has been named the first receiver of this government investment, and Holmes explained that it was a significant catalyst to the company’s growth.
A major reason why, as Holmes explains, is because it helped the company overcome financial challenges in achieving growth equity.
“It bridges the gap we encountered in the market, especially in the so-called “valley of death” between venture capital and growth equity. This funding allows us to scale our closed-loop geothermal technology, and the partnership with PSP, a respected investor managing the fund, helps us attract additional investors,” says Holmes.
When asked about Eavor’s ambitions for the future, Holmes emphasizes that providing near-boundless energy, one that is available 24-7, and is relatively unconstrained by subsurface considerations remains the core of Eavor’s endeavours.
“We aim to integrate into any government’s energy portfolio, offering a scalable solution for secure and clean energy deployment globally.”
