Canada-based geothermal technology company Eavor Technologies has raised US$40 million from a host of investors, including Singapore-based Temasek Holdings and Vickers Venture Partners.
Other investors are bp Ventures, Chevron Technology Ventures, BDC Capital, and Eversource.
This round follows Eavor’s US$8-million fundraise in 2020.
The fresh funds will be used to scale Eavor’s projects and bolster its ongoing R&D to further improve its solution.
Launched in 2017, Eavor claims to be the world’s first scalable form of dispatchable energy. Its solution is Eavor-Loop, a technology that extracts the natural heat of the earth similar to a rechargeable battery in order to provide a consistent energy source for homes.
Eavor-Loop claims to have the potential to directly replace traditional forms of baseload power such as coal and nuclear. It is also designed in a way that is complementary to intermittent power sources like wind and solar.
In a 2019 interview with ThinkGeoEnergy, the company said it aims to use Eavor-Loop globally to transfer 10 million homes over the next 10 years onto heat or power from Eavor’s distributed green base-load solution.
John Redfern, CEO of Eavor said: “I am delighted that with the funding closed in this round, we can look forward to bringing down the cost of clean, dispatchable power to a universally competitive level – an important milestone for renewable energy.”
Temasek is a global investment company that tends to invest mostly in companies that operate in larger sectors like telecom, energy, and finance.
It has most recently invested in American company Reefknot, China foodtech fund Bits x Bites, and EV Growth’s US$250 million Indonesia-focused fund.
Image Credit:Frédéric Paulussen
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