Eavor

Canada-based Eavor is working on making geothermal energy scalable by mitigating or eliminating issues that have hindered traditional geothermal solutions in the past. Eavor’s proprietary solution,

Eavor-Loop, operates by circulating a benign working fluid that is completely isolated from the environment in a closed-loop through a massive subsurface radiator. This “radiator” collects heat from the natural geothermal gradient of the Earth via conduction at geologically common and drilling accessible rock temperatures. Unlike traditional geothermal, Eavor is not burdened with exploratory risk or limited to niche geographies with the need for highly permeable aquifers at volcanic-like temperatures.

Since 2019, Eavor has been operating a pilot project in Canada. In January 2023, the company also completed a next-generation geothermal demonstration project, Eavor-Deep, in New Mexico. In July 2023, Eavor began drilling operations at its first commercial Eavor-Europe geothermal project in Bavaria, Germany. An organic Rankine cycle (ORC) power plant is also being developed alongside the drilling operations in partnership with Turboden. Energy production at the facility is expected to begin in Q4 2024.

Key customers and partnerships

In December 2021, Eavor partnered with Deep Energy Capital to deploy its advanced geothermal energy solution Eavor-Loop. The two companies once again partnered in December 2022, to develop, finance, construct, and operate at least five projects totaling up to EUR 1 billion (~USD 1.06 billion) from Eavor’s European and North American project pipeline.

In September 2022, Eavor signed a contract with KCA Deutag for the latter to provide two drilling rigs for the construction of Eavor’s first commercial Eavor-Loop system in Germany, which is set to begin in 2023. In October 2022, Eavor entered into an agreement with Chubu Electric Power, with the latter set to make a direct investment in Eavor in support of the commercialization of Eavor-Loop technology.

In March 2023, the company partnered with Sonoma Clean Power to develop up to 200 MWe of new geothermal energy through the Geothermal Opportunity Zone (GeoZone) initiative. In June 2023, Eavor entered into a commercial agreement with with OMV AG to pursue large-scale deployment of Eavor-Loop technology in Europe and other nations. OMV will begin with the deployment of Eavor-Loop in Austria, Romania, and Germany. In October 2023, Eavor was awarded a contract by the US Air Force to provide geothermal energy generated from the Eavor-Loop to the Joint Base San Antonio facility in Texas.

Funding and financials

In February 2024, Eavor received an undisclosed direct investment from Kajima Corporation, a Japanese construction company. The capital will strengthen Eavor’s balance sheet and enable the growth and deployment of Eavor’s technology.

Prior to this, in October 2023, Eavor raised raised USD 182 million in a Series B funding round led by OMV AG. The company intended to use the funds to advance the development and deployment of its geothermal technology. Prior to this, in March 2023, Eavor was awarded a EUR 91.6 million (~USD 96.9 million) grant from the European Innovation Fund. The company intends to use the funds to support its Eavor-Europe geothermal project under construction in Bavaria, Germany. Prior to this, in February 2021, Eavor raised USD 40 million in a funding round led by the venture capital arms of Chevron and BP. The funds are expected to be used to commercialize Eavor's technology.