CALGARY, AB, June 3, 2025 /CNW/ – Canada Growth Fund Inc. (“CGF“) and Eavor Technologies Inc. (“Eavor” or the “Company“) announced today a financing commitment by CGF of up to ~C$138 million to accelerate the development and commercial deployment of Eavor’s geothermal technology. Founded in 2017, Eavor is an advanced geothermal technology company based in Calgary, Alberta. Eavor has proven pilot versions of its proprietary closed-loop geothermal system (“Eavor-Loop
“) and a first commercial project is under construction in Geretsried, Germany. In connection with the transaction, CGF executed a definitive agreement committing it to invest up to ~C$138 million: ~C$89 million on financial close and ~C$48 million upon the achievement of certain milestones.
Eavor-Loop leverages Canada’s talent and expertise to build the next generation of geothermal innovation. CGF first invested C$90 million in Eavor in October 2023, through a direct commitment in its Series B preferred equity fundraise. Since CGF’s initial investment, Eavor has progressed construction of its first commercial-scale facility in Geretsried and achieved major milestones including successfully intersecting wells using its new Eavor-Link Active Magnetic Ranging (“AMR“) system; deploying its proprietary insulated drill pipe to enable well construction in high-temperature environments; setting, sidetracking, and retrieving whipstocks to drill deep multilateral wells; and implementing its proprietary Rock-Pipe technology to seal the multilateral wells. CGF’s scaling capital will continue to facilitate the Company’s Canadian presence by ensuring the majority of its leadership and employee base remain in Canada and leverage Canada’s drilling knowledge and know-how to catalyze the next generation of global geothermal innovation. Eavor’s continued growth will secure its innovation and employment footprint in Canada at its Calgary, Alberta headquarters.
“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,” said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc. (“CGFIM“). “CGF was established to drive innovation and competitiveness across new and traditional sectors of Canada’s industrial base, and Eavor is well aligned with our mandate.”
“We are grateful for CGF’s continued commitment to our Canadian company, which uses Albertan expertise to drive innovation in the development of new advanced geothermal technologies,” said John Redfern, Co-Founder and CEO of Eavor. “Eavor has achieved significant development and technical milestones in scaling clean, reliable, dispatchable heat and power using its proprietary closed loop geothermal system, and we look forward to building on this progress in the months ahead.”
CGF has announced 13 investments since its launch in June 2023 and has committed approximately $2.7 billion to Canadian projects and companies. It has a mandate to invest in Canadian clean technology businesses that are scaling innovative technologies at the demonstration or commercialization stages of development.
About the Canada Growth Fund
CGF is a $15 billion arm’s length investment vehicle that helps attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in efficient low carbon projects, technologies, businesses, and supply chains. Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.
For CGF’s Media relations, contact [email protected].
About Canada Growth Fund Investment Management
In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly-owned subsidiary, would act as the asset manager for CGF. CGFIM has been incorporated to act as the independent and exclusive asset manager for CGF.
About Eavor Technologies Inc.
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, baseload capable, and flexible heat and 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 that 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. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Temasek, BHP Ventures, OMV, Canada Growth Fund, Kajima Corporation, and Microsoft Climate Innovation Fund. Learn more at Eavor.com.
For Eavor’s Media Relations, contact [email protected].
Advisors
Davies Ward Phillips & Vineberg LLP acted as legal advisor to CGF and CGFIM in connection with CGF’s investment.
Morgan Stanley & Co. LLC and National Bank Financial Inc. acted as placement agents to Eavor and DS Lawyers Canada LLP acted as legal advisor to Eavor. A&O Shearman acted as counsel to the placement agents.
Disclaimer
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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SOURCE Canada Growth Fund Inc.
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