Canada Growth Fun Inc. (CGF) has announced a financing commitment of up to CAD$138mn to be granted to Eavor Technologies to accelerate the development and commercial deployment of geothermal technology.
CGF first invested CAD$90mn in Eavor in October 2023, and since that initial investment, the Calgary-based geothermal company has progressed with the construction of its first commercial-scale facility in Geretsried, Germany, and achieved major milestones will Eavor-Loop and Eavor-Link Active Magnetic Ranging technologies.
CGF’s scaling capital will continue to facilitate the company’s presence within the geothermal market by helping to leverage Canada’s knowledge of drilling to catalyse the next generation of global geothermal innovation. Eavor’s continued growth will secure its innovation and employment footprint in Canada at its Calgary headquarters.
Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management, said, “Our continued investment in Eavor, as the company completes the first commercial-scale application of its technology, is a prime example of CGF’s steadfast commitment to scaling up Canadian companies and investing at a critical stage of their development.”
John Redfern, Co-Founder and CEO of Eavor, commented, “We are grateful for CGF’s continued commitment to our Canadian company, which uses Albertan expertise to drive innovation in the development of new advanced geothermal technologies. Eavor has achieved significant development and technical milestones in scaling clean, reliable, dispatchable heat and power using its proprietary closed loop geothermal system, and we look forward to building on this progress in the months ahead.”