Eavor Technologies, a Calgary-based geothermal energy startup, has secured $89 million in funding from Canada Growth Fund to accelerate the development and deployment of its proprietary geothermal technology.
According to reporting by BetaKit, CGF will invest an additional $48 million once Eavor meets certain undisclosed milestones, bringing the total potential investment to $138 million. Part of the funding is intended to ensure that the majority of the company’s workforce remains in Canada.
“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,” Eavor CEO John Redfern told BetaKit,
The company’s technology is designed to provide a consistent source of clean energy with a smaller environmental footprint compared to traditional geothermal systems.
