OMV spotlighted Eavor’s technology in their latest Sustainability Report 2023 as the leading closed-loop geothermal energy solution developer worldwide; furthermore, demonstrating how the partnership is furthering OMV’s ambitions to develop clean heat solutions for Europe and beyond.
In June 2023, Eavor completed the first close of their Series B equity with OMV leading the round with a €34 million (C$50mm) investment. OMV acquired a 6.5 percent stake in the company, which allowed Eavor to achieve commercialization to pursue large-scale deployment of Next-Gen Geothermal technology.
Under the terms of the commercial agreement, OMV became a key partner for Eavor. This allows OMV to benefit from privileged licensing conditions, service accessibility, and developmental assistance. Initially, OMV will concentrate its efforts on implementing Eavor-Loop™ technology in Austria and Germany, propelling the company’s ambition to scale up clean energy sources while reducing fossil fuel sales.
According to the report, OMV will assist in developing biofuels, electricity, waste heat, and new energy products such as geothermal heat in their endeavour to propel innovative products and services. Furthermore, the company announced the importance of identifying, evaluating, and appraising all climate-related risks associated with investments and M&A endeavours. This encompasses analyzing both the current and projected carbon footprints of the respective ventures, as this aligns with OMV’s climate objectives.
OMV also reported an upcoming focus on implementing investment projects, with plans for rigorous testing and eventual commercialization for startups. They aim to produce and market 700 kta of sustainable aviation fuels by 2030, alongside expanding electric vehicle charging capabilities and transitioning heavy goods vehicles to green hydrogen fuel cells. Additionally, substantial investments totaling approximately €5 billion by 2030 are planned to bolster the Low Carbon Business division.
With OMV’s investment and focus on implementing technologies like Eavor’s, a trajectory toward widespread implementation of clean energy sources becomes clear. Dedication to identifying and mitigating climate-related risks underscores commitment to sustainability and provides opportunities for European nations to decarbonize their grids cost-effectively and innovatively.
