Canada Growth Fund Backs Eavor Technologies' Geothermal Project with Major Investment

Canada Growth Fund Supports Eavor Technologies

The Canada Growth Fund Inc. (CGF) has made headlines with its latest venture, announcing a substantial funding commitment to Eavor Technologies Inc. This Calgary-based company is pioneering advancements in geothermal technology, and CGF's investment showcases its dedication to fostering innovation within Canada's clean energy landscape.

On June 3, 2025, CGF revealed its plans to invest up to approximately C$138 million in Eavor, signaling optimism for the company's potential to transform geothermal energy solutions. Eavor, established in 2017, has made strides in developing its proprietary closed-loop geothermal system, known as the Eavor-Loop™. This system aims to harness geothermal energy's natural potential effectively.

The current funding includes an initial commitment of about C$89 million upon financial closure, with an additional C$48 million tied to achieving specific developmental milestones. Eavor's first commercial project, underway in Geretsried, Germany, represents a significant leap towards demonstrating the scalability and viability of its technology.

Eavor's operations leverage Canadian expertise and technology, critical for the development of efficient geothermal systems. Following its previous funding round, which saw CGF invest C$90 million in Eavor in October 2023, the company has advanced its construction projects and achieved notable milestones, such as successfully implementing the Eavor-Link™ Active Magnetic Ranging system and innovating with its insulated drill pipe for deep geothermal well construction.

Yannick Beaudoin, President and CEO of CGFIM, emphasized that this continued investment underscores CGF's commitment to enhancing Canadian businesses at pivotal stages. "Our support for Eavor aligns perfectly with our mandate to stimulate innovation and competitiveness within Canada's industrial sectors," Beaudoin stated.

Eavor's CEO, John Redfern, expressed gratitude for CGF's steadfast support, highlighting the significant progress made in clean, reliable geothermal energy through their pioneering technologies. Eavor plans to build upon its achievements, with a focus on expanding its capabilities and securing its operational footprint in Canada, particularly in Calgary.

CGF's commitment extends beyond Eavor, as the fund has actively invested approximately C$2.7 billion in various Canadian projects since its inception in June 2023. Designed as a $15 billion arm's length investment vehicle, CGF aims to attract private capital into low-carbon projects and businesses, effectively playing a pivotal role in building Canada's clean economy.

In conclusion, as CGF amplifies its investment in Eavor Technologies, the partnership represents a robust example of how strategic financial support is essential for advancing innovative clean technologies. By aligning with companies like Eavor that are at the forefront of geothermal energy development, CGF continues solidifying its role as a catalyst for sustainable growth and innovation in Canada's clean technology sector. The future looks bright for Eavor's geothermal solutions, and with CGF's backing, the prospect of a cleaner, more sustainable energy future in Canada is increasingly within reach.