Austrian oil and petrochemical company OMV led the financing with a $50-million investment in Calgary-based Eavor. British Petroleum’s venture capital arm, BP Ventures, along with existing investors Eversource Energy and Vickers Venture Partners, also participated. Eavor did not disclose the total value of the fundraising, but had previously said it was targeting $145 million. (The Logic)
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Austrian oil and petrochemical company OMV led the financing with a $50-million investment in Calgary-based Eavor. British Petroleum’s venture capital arm, BP Ventures, along with existing investors Eversource Energy and Vickers Venture Partners, also participated. Eavor did not disclose the total value of the fundraising, but had previously said it was targeting $145 million. (The Logic)
Talking point: The money will be used to commercialize Eavor’s geothermal technology in Austria, Romania and Germany; the company has also outlined plans to drill the world’s deepest geothermal well in the U.S. As my colleague Jonathan previously reported, Eavor is a leading geothermal startup in many areas of the world, but has yet to commercialize its technology here in Canada amid a lack of public incentives. Earlier Eavor investors include BDC Capital, Singaporean conglomerate Temasek and Chevron’s VC arm.
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