Eavor Technologies, which describes itself as the leader in scalable geothermal technology, has completed a $40 million funding round.
Eavor Technologies Inc., which describes itself as the leader in scalable geothermal technology, has revealed that it has completed a $40 million funding round.
Investors in the round included BP Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource, and Vickers Venture Partners, Eavor highlighted, adding that the investments, and partnerships formed around them, are critical to the commercialization of its technology.
Eavor’s tech, known as Eavor-Loop, uses the natural heat of the earth like a giant rechargeable battery, the company’s website states. The business says its tech differs from other forms of geothermal in that it is a scalable “go anywhere” solution.
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About Eavor:
Eavor (pronounced “Ever”) is a technology-based Energy company led by a team dedicated to creating a clean, reliable and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean dispatchable power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid which is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This “radiator” simply collects heat from the natural geothermal gradient of the Earth via conduction, at geologically common and drilling accessible rock temperatures. Further inquiries: Eavor Technologies Inc.: www.eavor.com
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This investment will support Eavor’s aim to power the equivalent of 10 million homes by 2030
Investors in this round Include: bp Ventures, Chevron Technology Ventures, Temasek, BDC Capital, Eversource
1 and Vickers Venture Partners
CALGARY, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) Eavor Technologies Inc., the leader in scalable geothermal technology, has completed a USD$40 million (CAD$50.7 million) funding round. These investments, and the partnerships formed around them, are critical to the commercialization of the technology and to help Eavor scale its already extensive project pipeline.
Eavor’s technology, known as Eavor-Loop™, uses the natural heat of the earth like a giant rechargeable battery. Fluids are heated by the earth and circulated in a closed network of underground wellbores, unlocking a reliable and consistent energy source. Eavor’s technology differs from other forms of geothermal in that it is a scalable “go anywhere” solution, harvesting ge
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Temasek, Vickers Venture back $40m round in clean energy provider Eavor
Eavor Technologies president and CEO John Redfern. Premium
Eavor Technologies Inc, a Canadian geothermal technology company, has raised $40 million in a funding round backed by Singapore state investor Temasek Holdings and existing investor Vickers Venture Partners.
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