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Today in funding: Eavor Technologies, Foko Retail, Motion Gestures, Arolytics, Mogile Technologies
Five Canadian tech startups, Eavor Technologies, Foko Retail, Motion Gestures, Arolytics, and Mogile Technologies, have recently secured financing to fuel their growth. Here’s the latest on who raised money, how much from whom, and what they plan to put the new funds toward.
Eavor Technologies secures $50.7 million CAD in financing
Calgary cleantech startup Eavor Technologies has secured $50.7 million CAD ($40 million USD) in funding as it looks to commercialize its geothermal power generation technology.
Investors include bp Ventures, the venture arm of oil and gas company BP; Chevron Technology Ventures; Temasek; BDC Capital; Eversource; and Vickers Venture Partners.
Eavor 3/3
The Eavor-Lite prototype station has been up and running for more than a year in Alberta, Canada
Eavor
BP and Chevron have led a US$40 million investment round for a Canadian startup that claims to have developed a unique way to extract energy from geothermal heat on demand, using an unpowered looping fluid design that s already prototyped in Alberta.
Solar and wind are scalable renewable resources, but only produce energy when the sun and wind are up, not when the grid needs it. Hydro can respond well to demand, but it s not really scalable; the geometry of your dam dictates the size of your operation. Regular geothermal needs volcanic levels of heat, which restricts it to certain locations, the same way hydro needs mountain reservoirs.
Eavor Technologies, which describes itself as the leader in scalable geothermal technology, has completed a $40 million funding round.
Eavor Technologies Inc., which describes itself as the leader in scalable geothermal technology, has revealed that it has completed a $40 million funding round.
Investors in the round included BP Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource, and Vickers Venture Partners, Eavor highlighted, adding that the investments, and partnerships formed around them, are critical to the commercialization of its technology.
Eavor’s tech, known as Eavor-Loop, uses the natural heat of the earth like a giant rechargeable battery, the company’s website states. The business says its tech differs from other forms of geothermal in that it is a scalable “go anywhere” solution.