The Canada Growth Fund, a $15-billion federal agency with a mandate to back decarbonization tech, committed $89 million up front and another $48 million if Eavor meets certain milestones. (The Logic)
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The Canada Growth Fund, a $15-billion federal agency with a mandate to back decarbonization tech, committed $89 million up front and another $48 million if Eavor meets certain milestones. (The Logic)
Talking point: Wednesday’s funding announcement followed a $90 million investment from CGF in 2023, when it participated in Eavor’s Series B fundraising. Eavor is one of Canada’s few geothermal companies, and has developed a closed-loop system that harnesses energy by drilling into pockets of thermal heat deep below Earth’s surface. CGF said the latest funding would help ensure “the majority of [Eavor’s] leadership and employee base remain in Canada,” while aiding the company in scaling its technology. Geothermal is gaining momentum in the country, Eavor CEO John Redfern told The Logic earlier this year, in part due to rising demand for power-hungry AI data centres.
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