Trevor Phenix (TP): What is Eavor’s purpose? What is your group setting out to do?
Michael Holmes (MH): Our purpose is to use the earth to cleanly power the world and enable local energy autonomy everywhere. Our closed-loop geothermal technology is the first truly scalable form of clean baseload power.
Trevor Phenix (TP): With the recent achievement of securing $182 million in Series B financing. Can you tell us how this funding, particularly the $90 million investment from the Canada Growth Fund (CGF), will impact Eavor’s growth?
Michael Holmes (MH): The CGF’s support is a significant catalyst for our growth. It bridges the gap we encountered in the market, especially in the so-called “valley of death” between venture capital and growth equity. This funding allows us to scale our closed-loop geothermal technology, and the partnership with PSP, a respected investor managing the fund, helps us attract additional investors.
TP: Can you elaborate on Eavor’s technology and how it addresses challenges that have hindered traditional geothermal methods from scaling globally?
MH: Eavor’s closed-loop geothermal technology is designed to provide reliable, scalable, and dispatchable clean power. It mitigates issues that have limited the global scalability of traditional geothermal methods. Our conduction-based technology acts like a reverse-radiator, extracting heat from hot subsurface rock. This innovation allows us to provide 24-7 carbon-free energy that is deployable globally.
TP: The focus on addressing the challenges posed by intermittent renewable energy sources is intriguing. How does Eavor plan to overcome the limitations of intermittent sources like wind and solar in achieving full decarbonization?
MH: Intermittent sources like wind and solar, while effective, have limitations in achieving full decarbonization on their own due to their intermittent nature. Eavor aims to address this gap by providing secure, reliable and clean energy. Our innovative closed-loop geothermal technology, Eavor-Loop™, efficiently harvests heat from deep within the earth without relying on traditional geothermal methods. Unlike conventional geothermal systems limited by specific conditions, Eavor-Loop™ is globally scalable and mitigates many issues associated with traditional and Enhanced Geothermal Systems. Our technology offers a solution that can be deployed in towns, cities, and industrial sites worldwide.
TP: Eavor’s first commercial project in Geretsried, Germany, recently saw its inauguration. Can you share some insights into the project and its significance?
MH: The Geretsried project is a culmination of our dedication and hard work. It underscores the reach we’ve achieved as a company. The technology’s successful demonstration projects led to this commercial venture, and the inauguration in August 2023 was a moment of fulfillment. German Chancellor Olaf Scholz even congratulated the company during the event.
TP: Looking ahead, what are Eavor’s ambitions for the future, and how do you see your technology influencing the global energy landscape?
MH: Our ambition is to provide near-boundless energy almost anywhere on the planet. Eavor’s technology, with its carbon-free, 24-7 energy, is relatively unconstrained by subsurface considerations. We aim to integrate into any government’s energy portfolio, offering a scalable solution for secure and clean energy deployment globally.
TP: Thank you, Michael, for sharing these insights into Eavor Technologies Inc. and its revolutionary approach to geothermal energy. We appreciate your time.
Originally published in Scovan’s IGNITE Vol. 7