Press Releases

The Past, Present and Future

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

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.

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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.

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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.

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Success at Eavor’s New Mexico project triggers follow-on strategic investments

CALGARY, Alberta, Canada – January 30th, 2023 – Eavor Technologies Inc. (“Eavor”), a leader in globally scalable geothermal technology, is pleased to announce the successful completion of its next generation geothermal demonstration project in New Mexico, USA: Eavor-Deep™. Beginning in August and concluding in December of last year, after having drilled a two-leg multilateral well down to 18,000’ TVD and ~250°C, Eavor met its objectives, including achieving technical milestones which have drawn a follow-on investment of $10 million CAD from bp Ventures (“bp Ventures”).

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Deep Energy Capital and Eavor Technologies to build 5 geothermal projects as construction gathers pace at their first European site

Deep Energy Capital, LLP (“Deep Energy”), an independent specialized renewable energy investment firm, and Eavor Technologies Inc. (“Eavor”), the preeminent advanced geothermal technology company, have agreed to develop, finance, construct and operate geothermal projects deploying Eavor’s advanced geothermal technology: Eavor-Loop™. Deep Energy will finance at least five projects, requiring up to €1 billion, from Eavor’s growing European and North American project pipeline. The projects will deliver continuous renewable power and heat and are expected to benefit from long-term feed-in-tariffs and fixed price off-take contracts underpinned by the growing value of resilient and local sources of clean energy.

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