Eavor Technologies, a Canadian geothermal energy startup, entered into an agreement with Chubu Electric Power Co., a TSE-listed Japanese energy company, where the latter is to make a direct investment in Eavor in support of the commercialization of Eavor-Loop technology.

As such, a representative of Chubu will join Eavor’s Board of Directors. Chubu’s management team sees this investment as an important strategic step for the company in its effort to achieve sustainable growth. 

Meanwhile, Eavor President and CEO, John Redfern, stated that Chubu’s partnership was an excellent endorsement of his company’s technology, its commercialization, and global scalability.

Analyst QuickTake: Recently, in September 2022, Eavor also partnered with KCA Deutag, a drilling and engineering service provider, for the construction of its first commercial Eavor-Loop system in Germany. Drilling and facility construction on the project is set to begin in 2023, with the first system to be completed in one year, after which three more Eavor-Loops are planned.