Temasek, Vickers Venture back $40m round in clean energy provider Eavor

Eavor Technologies president and CEO John Redfern.

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.

Chevron Technology Ventures, bp Ventures, BDC Capital, and Eversource also participated in the funding round that will support Eavor’s aim to power the equivalent of 10 million homes by 2030.

Founded in 2017, Eavor claims to be the world’s first viable form of green, scalable, baseload power and aims to be a significant global energy source without the intermittency issues of traditional renewable power systems.

Its solution, Eavor-Loop, makes a traditional niche energy source, geothermal energy, scalable by removing the need for volcanic-type temperature and permeable aquifers.

The company said its technology differs from other forms of geothermal in that it is a scalable “go anywhere” solution, harvesting geothermal heat to generate dispatchable power with zero emissions.

Eavor said the fresh funding will also bolster its on-going research and development efforts to drive the cost of Eavor-Loop’s clean dispatchable power to a price point that is competitive in all markets.

“With the funding closed in this round, we can look forward to bringing down the cost of clean, dispatchable power to a universally competitive level – an important milestone for renewable energy,” said Eavor Technologies president and CEO John Redfern.

In May 2020, Eavor received $11.4 million in gross proceeds from the exercise of share purchase warrants issued in 2018 and 2019. In 2019, the firm raised around $10.7 million in its Series A round led by Vickers Venture Partners and received grants from Natural Resources Canada and Sustainable Development Technology Canada.

Temasek, on the other hand, has been an active investor in green technology. Last year, the Singapore state investor partnered with Swedish alternative investment firm EQT Partners to launch O2 Power, a $500-million green energy platform in India. It also led an $84-million Series A round for US-based fusion energy firm Commonwealth Fusion Systems.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.