Canada Growth Fund backs Eavor with new investment
Drilling and construction operations at Eavor's Geretried site in Germany (source: video screenshot, Eavor Deutschland via LinkedIn)
Alexander Richter
4 Jun 2025
Canada Growth Fund has committed an additional CAD 138 million to Eavor Technologies to advance its closed-loop geothermal systems and scale up deployment.
Canada Growth Fund Inc. (CGF) has announced a financing commitment of up to approximately CAD 138 million (about USD 100 million) to support the development and commercial deployment of geothermal systems by Eavor Technologies Inc., a Calgary-based energy technology company.
Founded in 2017, Eavor is advancing a proprietary closed-loop geothermal solution known as the Eavor-Loop™. The company is currently constructing its first commercial-scale project in Geretsried, Germany.
Under the new agreement, CGF will invest approximately CAD 89 million (around USD 47 million) at financial close, with an additional CAD 48 million (approximately USD 35 million) contingent on meeting defined project milestones.
This follows CGF’s earlier investment of CAD 90 million (approx. USD 66 million) in October 2023, part of Eavor’s Series B equity raise. The new commitment will further strengthen Eavor’s ability to scale its technology internationally, while maintaining its operational base and employment footprint in Calgary, Alberta.
“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.
“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.
Since its launch in June 2023, CGF has committed approximately CAD 2.7 billion (roughly USD 2 billion) across 13 investments in Canadian projects and companies focused on scaling clean technology solutions.
Source: Company release
Note: A previous version of this article misstated some figures and investment details. We have since replaced the article to reflect the accurate information provided by Canada Growth Fund and Eavor Technologies. We apologize for the earlier inaccuracies.
