News Summary

Calgary-based cleantech startup Eavor has secured a significant investment of at least $89 million CAD from the Canada Growth Fund (CGF) to advance its geothermal technology. This investment is part of a larger commitment by CGF to provide up to $138 million, contingent on Eavor meeting certain undisclosed milestones. Founded in 2017, Eavor has developed a proprietary closed-loop geothermal system known as the Eavor-Loop, which aims to provide a consistent and clean energy source with a reduced environmental footprint compared to traditional geothermal methods. This financial boost is intended to accelerate the development and commercial deployment of Eavor’s technology. The CGF, a $15-billion fund created to support Canadian cleantech companies, has committed approximately $2.7 billion to various projects since its inception. Eavor’s first commercial deployment is underway in Germany, with plans to supply clean energy for AI data centers in Alberta, addressing potential grid strain and carbon emissions.