Drilling and construction operations at Eavor’s Geretried site in Germany (source: video screenshot, Eavor Deutschland via LinkedIn)
Canada Growth Fund has committed an additional USD 66 million to Eavor Technologies to advance its closed-loop geothermal systems and scale up deployment.
Eavor Technologies has secured a second investment from the Canada Growth Fund (CGF), totaling CAD 90 million (USD 66 million). This follows an initial investment of CAD 50 million (USD 37 million) in December 2023, bringing CGF’s total commitment to CAD 140 million (USD 102 million).
The additional investment is structured as an Equity Obligation Subscription Agreement, under which CGF will purchase equity-linked units tied to Eavor’s future financial milestones. This mechanism aims to balance risk while providing Eavor with the capital needed to accelerate global deployment of its Eavor-Loop™ technology.
“Canada is establishing itself as a global leader in clean technology and innovation. Today’s announcement demonstrates our commitment to supporting Canadian companies, like Eavor, to seize the economic opportunities associated with the energy transition,” said Deputy Prime Minister and Minister of Finance Chrystia Freeland.
Eavor’s closed-loop geothermal technology circulates a proprietary working fluid through a sealed underground well system, eliminating the need for hydrothermal reservoirs or fracking. The technology has attracted international attention and is being piloted in several countries, including Germany, Japan, and the United States.
According to CGF President Patrick Charbonneau, the fund’s continued support reflects Eavor’s progress and potential to deliver “zero-emission dispatchable power and heat in Canada and internationally.”
The investment comes amid growing momentum in Canada’s geothermal sector and broader clean energy transition. It also aligns with the CGF’s mandate to attract private capital and scale clean technologies that support decarbonization.
Founded in 2017, Eavor has raised over CAD 500 million to date from investors including OMV, bp Ventures, and the Canada Infrastructure Bank. The company plans to use the new CGF funding to expand operations, further develop its technology, and support commercial deployment projects.
Source: Company release
