Canada Growth Fund (CGF) is investing up to $138 million to accelerate the deployment of Eavor Technologies’ clean energy technology, marking a significant step forward for Canada’s geothermal sector.
Eavor, a Calgary-based company founded in 2017, has developed a proprietary closed-loop geothermal system called Eavor-Loop™. The system enables scalable, dispatchable clean heat and power production without fracking or aquifer use, offering a promising path to decarbonization. The CGF’s commitment includes an initial $89 million investment, with a further $48 million tied to performance milestones.
The announcement builds on CGF’s initial $90 million investment in Eavor in October 2023. Since then, Eavor has made major strides, including the construction of its first commercial-scale facility in Geretsried, Germany. The company has deployed new technologies such as the Eavor-Link™ Active Magnetic Ranging system and Rock-Pipe™ well sealing, all developed using Canadian expertise.
“Eavor has achieved significant development and technical milestones in scaling clean, reliable, dispatchable heat and power,” said John Redfern, Eavor’s Co-Founder and CEO. “We are grateful for CGF’s continued commitment to our Canadian company.”
CGF President and CEO Yannick Beaudoin called the investment “a prime example” of CGF’s role in scaling up Canadian cleantech companies at a critical stage of development.
Since launching in June 2023, CGF has made 13 investments totaling approximately $2.7 billion. The fund’s mandate is to support innovative Canadian clean technology ventures at the commercialization stage, reinforcing Canada’s global climate leadership.