About Eavor:
Eavor (pronounced “Ever”) is a technology-based Energy company led by a team dedicated to creating a clean, reliable and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean dispatchable power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid which is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This “radiator” simply collects heat from the natural geothermal gradient of the Earth via conduction, at geologically common and drilling accessible rock temperatures. Further inquiries: Eavor Technologies Inc.: www.eavor.com
Temasek Invests in Eavor Technologies
Posted on 02/16/2021
Eavor Technologies Inc. is a a Calgary-based geothermal energy startup. Eavor Technologies completed a USD $40 million (CAD$ 50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline. Investors in this round include bp Ventures (part of BP Plc), Chevron Technology Ventures (part of Chevron Corporation), Temasek Holdings Pte Ltd, BDC Capital Corp, Eversource (through its Eversource Retirement Plan Master Trust), and Vickers Venture Partners.
At the moment, Eavor has a pipeline of potential projects in places such as Germany, the Netherlands, Japan, and the U.S.
Energy Transition
On the drawing board: the set-up of the Eavor-Lite pilot project in Canada, demonstrating the basic principles of the Eavor-Loop solution Photo: EAVOR BP and Chevron become part-owners of deep-geothermal innovator Eavor
Canadian start-up attracts US$40 million of new funding from six strategic partners that will help support commercialisation of its technology 16 February 2021 9:38 GMT Updated 17 February 2021 9:43 GMT in London
Oil giants BP and Chevron have become part-owners of Eavor, the Canadian start-up that claims to offer unlimited, on-demand renewable energy anywhere in the world through an innovative deep-geothermal solution.
The two oil majors were among six strategic investors that took part in a US$40 million funding round, and both are now likely to further assist Eavor financially and practically as the company builds out its first commercial projects.
This investment will support Eavor’s aim to power the equivalent of 10 million homes by 2030
Investors in this round Include: bp Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource
1 and Vickers Venture Partners
CALGARY, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) Eavor Technologies Inc., the leader in scalable geothermal technology, has completed a USD$40 million (CAD$50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline.
Eavor’s technology, known as Eavor-Loop™, uses the natural heat of the earth like a giant rechargeable battery. Fluids are heated by the earth and circulated in a closed network of underground wellbores, unlocking a reliable and consistent energy source. Eavor’s technology differs from other forms of geothermal in that it is a scalable “go anywhere” solution, harvesting ge