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Press Releases

The Past, Present and Future

Learn more about company announcements, new additions to the team, partnerships and other company news.

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.

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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.

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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.

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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).

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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.

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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.

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