Canada Doubles Down on Clean Energy: Eavor Technologies Secures C$138 Million from Canada Growth Fund

June 7, 2025

Author: Robert Buluma

Canada’s Clean Tech Momentum Gets a Boost with Another Major Investment into Eavor’s Geothermal Breakthrough

In a bold step toward securing a greener future, the Canada Growth Fund (CGF) has announced an additional investment of up to C$138 million in Eavor Technologies Inc., a Calgary-based pioneer in closed-loop geothermal systems. This injection of capital will accelerate the global commercialization of Eavor-Loop™, the company’s groundbreaking technology that promises to reshape the way we harness energy from the Earth.

This is not CGF’s first vote of confidence in Eavor. In October 2023, CGF committed C$90 million to the company, recognizing its immense potential to scale dispatchable, reliable geothermal energy. Now, with construction of Eavor’s first commercial-scale facility in Geretsried, Germany well underway and key technological milestones achieved, CGF is doubling down—with a two-phase investment: C$89 million upfront, and C$48 million tied to performance milestones.

The Eavor-Loop™ Advantage: Innovation Meets Scalability

What makes Eavor so compelling is its proprietary Eavor-Loop™ system—billed as the world’s first truly scalable form of clean, dispatchable baseload energy. Unlike traditional geothermal systems, Eavor’s closed-loop design requires no fracking, no aquifers, and no emissions. Instead, it circulates a sealed working fluid through a deep underground radiator, capturing Earth’s heat via conduction and delivering clean energy to the surface.

With innovations like the Eavor-Link™ Active Magnetic Ranging (AMR) system and Rock-Pipe™ sealing technology, Eavor is removing many of the barriers that have long hindered geothermal expansion. These breakthroughs not only reduce drilling time and cost, but also make high-temperature environments viable for clean energy extraction.

Canada’s Strategic Bet on Geothermal

Yannick Beaudoin, President and CEO of CGF Investment Management Inc., emphasized that this move aligns perfectly with CGF’s mission:

“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.”

This support ensures that Eavor’s core operations, leadership, and intellectual capital remain firmly anchored in Canada, leveraging Alberta’s world-class drilling expertise while exporting clean energy solutions to the world.

Eavor’s Global Traction and the Road Ahead

Since its founding in 2017, Eavor has attracted support from a prestigious list of global backers including bp Ventures, BDC Capital, Microsoft Climate Innovation Fund, Chubu Electric Power, and Temasek. Its technology has been heralded as a potential game-changer in decarbonizing heat and power at scale—solving the riddle of clean energy’s reliability gap.

John Redfern, Eavor’s CEO and co-founder, summed it up best:

“Eavor has achieved significant development and technical milestones in scaling clean, reliable, dispatchable heat and power. We are grateful for CGF’s continued commitment to our Canadian company, which uses Albertan expertise to drive innovation.”

Looking Forward: A Greener, Scalable Future

As nations race toward net-zero emissions, Canada is showcasing how strategic investment can unlock innovation in clean energy. With Eavor’s advanced geothermal systems, the dream of a global energy transition—where clean, 24/7 power isn’t just possible, but scalable—is becoming reality.

The Canada Growth Fund has made 13 investments since its inception in 2023, totaling C$2.7 billion. Its backing of Eavor reflects growing confidence that geothermal energy—when reimagined with innovation—can be a cornerstone of the clean energy revolution.

For more on Eavor Technologies and its geothermal innovations, visit www.eavor.com.
To learn about the Canada Growth Fund’s mandate and project portfolio, check out www.cgf-fcc.ca.

Source: Eavor

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