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.