Eavor Applauds DOE’s Liftoff Report Focused on Next Generation Geothermal
CALGARY, Alberta, Canada – Eavor Technologies Inc., an advanced geothermal or closed-loop energy company, praised the Department of Energy’s (DOE) “Pathways to Commercial Liftoff: Next-Generation Geothermal Power,” which provides a roadmap for advancing next-generation geothermal power. The report is the latest installment in the “Pathways to Commercial Liftoff” series that “provide[s] public and private sector capital allocators with a perspective as to how and when various technologies could reach full-scale commercial adoption,” according to DOE.
Eavor Applauds Bipartisan U.S. Senate Bill that Will Accelerate Geothermal Projects By Addressing Permitting Hurdles
CALGARY, Alberta, Canada – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal energy technology, applauded bipartisan geothermal permitting legislation introduced recently in the United States Senate that will address significant permitting challenges for all types of geothermal projects across the country.
Japan’s Kajima Corporation Makes Direct Investment in Eavor Technologies Inc.
CALGARY, Alberta, Canada and TOKYO, Japan – February 20, 2024 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal energy technology, has entered into an agreement with Kajima Corporation (“Kajima”) to receive a direct investment into the company. The investment by Kajima demonstrates Eavor’s ability to attract capital from various entities and develop key partnerships with industry leaders worldwide.
INSEAD acknowledges Eavor CEO John Redfern with their sustainability award for 2023
CALGARY, Alberta, Canada and SAN FRANCISCO, California, December 21, 2023 – The Co-Founder, President and CEO of Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal closed-loop technology, has been awarded the inaugural INSEAD Business Sustainability Award at the INSEAD Americas Conference of 2023. Redfern’s achievement demonstrates dedication to building more sustainable business models and solutions. This recognition assists in acknowledging efforts to meet sustainability objectives, and that clean technology is at the forefront of innovative thinking and investment opportunities.
Capital Raise of $182 Million Confirms Eavor as the Leader in Scalable Geothermal
Calgary, Alberta, Canada – Oct 25, 2023 – Eavor Technologies Inc., (“Eavor”) a pioneer in the field of
advanced geothermal energy solutions today announces the successful completion of $182 million in
financing. This significant investment will enable Eavor to accelerate the development and deployment
of its revolutionary geothermal technology. The equity round was led by OMV AG, with participation
from Canada Growth Fund (“CGF”), Japan Energy Fund, Monaco Asset Management and Microsoft’s
Climate Innovation Fund. Existing investors BDC, bp Ventures, Eversource Energy, Temasek and Vickers
Venture Partners contributed and supported the funding round, while Chubu Electric Power Co., Inc.
completed the conversion of their debentures.
U.S. Defense Department Awards Eavor Contract to Power Military Base through Advanced Geothermal System
CALGARY, Alberta, Canada and SAN ANTONIO, Texas – Oct. 3, 2023 – Eavor Inc. (“Eavor”), the leader in globally scalable geothermal closed-loop technology, has been awarded a contract with the U.S. Air Force to provide Eavor-Loop™ generated geothermal energy to the Joint Base San Antonio facility in Texas. Eavor will assume a leadership role in contract execution, guided by the oversight of the Air Force Office of Energy Assurance, and partner with Chesapeake Energy (NASDAQ:CHK) providing its technical and operational expertise.
Chubu Electric Power Co. Inc. Participating in World’s First Commercial Eavor-Loop™
Chubu Electric Power Co., Inc. (“CHUBU”) has decided to participate in the world’s first geothermal power generation and district heat supply Eavor-LoopTM project (the “Project”) by Eavor Technologies Inc. (“Eavor”) in Bavaria, Germany, and has entered into an agreement to obtain equity shares of Eavor Erdwärme Geretsried GmbH (“Geretsried Project Company”), the operating company of the Project.
CHUBU will acquire shares in the Geretsried Project Company in the near future. Eavor is a Canadian global startup company that leads the world in the research and development of closed loop geothermal technology (the “Eavor-Loop Technology”), with the aim of full commercialization. CHUBU has acquired shares in the company (as announced on October 14, 2022).
Eavor commences commercialization through major investment and landmark partnership with OMV
CALGARY, Alberta, Canada and VIENNA, Austria – June 14th, 2023 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal closed-loop technology, has completed the first close of their Series B equity round. OMV AG (“OMV”) leads the round with a €34 million (C$50mm) investment and has entered into a commercial agreement with Eavor to pursue large-scale deployment of Eavor-Loop™ technology in Europe and beyond. Follow-on investments from Eavor’s existing partners include bp Ventures, Eversource Energy and Vickers Venture Partners. Concurrently with the raise, Chubu Electric Power has converted its debenture. The commercial agreement establishes OMV as a key partner with preferred licensing terms, access to services and development support. As a key partner, OMV will be focused initially on the deployment of Eavor-Loop™ in Austria, Romania, and Germany.
Cooperation Agreement signed with Sonoma Clean Power for up to 200 MWe of Eavor-Loop™ in Northern California
CALGARY, Alberta, Canada – March 21, 2023 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal technology, is pleased to announce the signing of a cooperation agreement with Sonoma Clean Power for the development of up to 200 MWe of new geothermal through the GeoZone initiative in Sonoma and Mendocino Counties, California. The Geothermal Opportunity Zone (“GeoZone”) creates a public-private partnership for local geothermal development. Sonoma Clean Power then contracts for power generated with selected private partners who provide the technology and capital to enhance geothermal capacity in the Northern California region. The GeoZone provides a sustainable and affordable source of reliable clean energy.
Eavor’s next-generation geothermal project awarded €91,6 million grant from the European Innovation Fund
Munich, Bavaria, Germany – March 9th, 2023 – Eavor Technologies Inc. and Eavor Erdwärme Geretsried GmbH (together “Eavor”), the leader in globally scalable geothermal closed-loop technology, has been awarded a €91,6 million grant from the European Innovation Fund (“EIF”), in support of the Eavor-Europe™ geothermal project already under construction in Bavaria south of Munich near the town of Geretsried, Germany. The project is the world’s first commercial implementation of an Eavor-Loop™, a showpiece of the zero-emissions heat and power production capabilities of next-generation geothermal technology, and a flagship site for the fundamental ability of Eavor-Loop™ to provide energy security and autonomy, globally. Construction began in October 2022, with drilling scheduled to commence in July 2023. Two of Europe’s largest drilling rigs are already under a four-year contract with KCA-Deutag. An Organic Rankine Cycle (“ORC”) power plant is being designed and constructed simultaneously with drilling operations in collaboration with Turboden S.p.A., with the first energy production scheduled for Q4, 2024.
Eavor is Honored to Announce Two Exciting Team Updates
Eavor is honoured to announce the arrival of Shyamli Mohamed as Eavor’s new Chief Financial Officer and Bailey Schwarz who has risen to the role of Executive Vice President of North America. Shyamli Mohamed is a senior Finance Executive with more than 15 years of global international leadership in finance and operations management with public companies to drive growth and strategic partnerships across functional leaders to effectively bridge the gap between operational decisions and financial targets. Bailey Schwarz is a professional engineer with a decade of hands-on engineering experience focused on data analytics and process optimization. Ms. Schwarz has a passion for innovation, actively seeking opportunities to trial new technologies and push boundaries.
The treasure at Geretsried
Bavarian state politicians show strong interest in Eavor‘s innovative geothermal energy. Ba-varia‘s Minister of the Environment Thorsten Glauber and Florian Streibl, Chairman of the Freie Wähler faction in the Bavarian State Parliament, visited Geretsried to find out more about the Eavor-Loop™ and emphasized the importance of technology openness in the en-ergy transition. The two politicians were received by Daniel Mölk, Managing Director of Eavor Germany and Europe and of the project company Erdwärme Geretsried GmbH. He explained to the visitors the uniqueness and the many advantages of the loop technology developed by Eavor in geothermal energy. Glauber and Streibl were delighted that Eavor had chosen the Bavarian town of Geretsried as the site for the world’s first commercial geothermal power plant using Eavor-Loop™ technology. In addition to the clean and safe energy yield, they also expect economic stimulus for the region.
