Singapore-based venture capital firm Vickers Venture Partners has joined a CAD $15 million ($11.3 million) Series A round for Canada-based geothermal energy solution provider Eavor.
This marks Vickers Venture’s first investment in Canada, the company said in a statement. The funding raised will be used to pursue Eavor’s growing pipeline of commercial opportunities around the world.
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.
“We have been working with Eavor for six months on this and are convinced that Eavor can change the energy industry as we know it,” said Vickers Venture Partners chairman Dr Finian Tan.
Eavor president & CEO John Redfern said that the investment from Vickers will help the company structure and raise capital on a global scale.
Vickers Venture Partners is a global venture capital firm focused on early-stage investments in Asia and beyond.
In March, we reported that the VC is targeting to hit the first close of its sixth and largest fund yet of up to $500 million by mid-2019. Its chairman and founder Finian Tan, however, declined to disclose the target amount for the first close.
At $500 million, Vickers’s Fund VI will be one of the largest venture capital funds to be raised in Southeast Asia. It will focus on investments in the biotechnology, nanotechnology, and artificial intelligence (AI) sectors.
The venture capital firm had in October 2017 closed a $230 million fund to invest in startups around the world, with a particular focus on deep tech across the globe and impact investments in emerging markets.
Vickers Venture Partners was founded by Finian Tan together with his co-founders Khalil Binebine, Jeffrey Chi, Damian Tan, Linda Li and Raymond Kong in 2005. It is based in Singapore with offices in Kuala Lumpur, Shanghai, Hong Kong, New York, San Diego, Silicon Valley, and London.