The Calgary Herald and The Globe and Mail recently published articles pertaining to Eavor’s press conference, highlighting the milestone first investment from the Canada Growth Fund (CGF) into Eavor.
A $90m fund into Eavor represents approximately half of its $182m Series B funding round. This fund will allow the company to scale up its business and keep its headquarters in Calgary. Furthermore, it will amplify opportunities for local professionals to find careers with Eavor and its networks.
The intention of the CGF is to attract more private capital into Canada’s clean economy and mitigate limitations surrounding private investment in non-GHG emission technologies. A key aspect of the CGF’s mission is to fund Canadian cleantech companies that are advancing projects into the commercial phase.
According to the Calgary Herald, this coincides with increasing interest in large-scale geothermal projects among industry experts. Sara Hastings-Simon, director of the University of Calgary’s master of science in sustainable energy development program, explained that there is a “bit of a renaissance” happening for geothermal energy, and this is driven by advancements in drilling technology and escalating interest in low-carbon energy. It was also highlighted that geothermal’s dispatchability is of major interest because it makes it a strong addition to a renewable energy ecosystem.
It’s within this context that the CGF is facilitating its ambitions to assist cleantech startups, expand their ventures, and transform Canada’s economy to achieve net zero goals. In a recent interview with the Globe and Mail, CEO of the Canada Growth Fund Patrick Charbonneau announced that more than 60 potential investments are in the CGF’s pipeline, with approximately 20 having priority.
Charbonneau, along with multiple high-profile industry leaders, were present at Eavor’s press conference, and made a speech announcing the CGF’s ambitions to expand its impact to more Canadian companies.
