The Business Times featured an article on how Eavor Technologies has raised over $100M CAD from investors including Temasek, Vickers Venture Partners and big oil companies such as BP and Chevron. Eavor focuses on creating the first truly scalable form of clean baseload power from geothermal energy in Canada.
The article states, “Geothermal energy is proving to be too attractive a carbon-free power source. Thus companies, researchers and governments have been trying to make it feasible.” Eavor’s technology, the Eavor-Loop™, has provided a way to access geothermal energy without requiring the “certain geological features such as hot springs and geysers,” of traditional geothermal.
Finian Tan, founder of Vickers Venture Partners, was “surprised by [the] simplicity,” of Eavor’s technology, and “[likened] it to a “radiator.” Vickers Venture Partners invested in Eavor’s $15M Series A round back in 2019. Eavor’s President and CEO, John Redfern, says “Singapore has the highest chunk of our equity of any country,” referring to the stakes of Vickers (20%) and Temasek (8%).
The Business Times shares how Redfern “is looking to start in economically viable places, such as the western US where volcanic activity is present, or Germany where incentives like a 20-year high feed-in tariff (FIT) of 251 [per MWh] can compensate for the high cost.” The article states that “the narrative has changed as emerging systems could allow geothermal energy to become economically viable in Singapore.”