Eavor Technologies attracts C$15m in Series A funding round from Asian venture fund
Canadian Eavor Technologies has raised an additional C$15 million in Series A equity funding round from Singapore-headquartered venture fund of Vickers Venture Partners.
Reported yesterday, Singapore-headquartered Vickers Venture Partners announced its investment in Eavor Technologies, a disruptive solution provider in the geothermal energy space. The investment is Vickers’ first ever in a Canadian startup and closes Eavor’s CAD$15 million Series A investment round. The funds will be used to pursue Eavor’s growing pipeline of commercial opportunities around the world.
Eavor is the world’s first viable form of green, scalable, baseload power, and aims to be a significant global energy source without the intermittency issues of traditional renewable power systems. Eavor-Loop, the company’s solution, is a new means of extracting power from the Earth’s natural geological temperature gradient. Eavor-Loop makes a traditional niche energy source, geothermal energy, scalable by removing the need for volcanic-type temperature and permeable aquifers.
A 2019 U.S. Department of Energy research paper predicted that geothermal energy, once scalable, has the potential to provide between 8 to 16% of U.S. electricity generation by 2050, becoming a significant source of energy. The company 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.
Vickers Venture Partners’ Chairman, Dr. Finian Tan, said, “We have been working with Eavor for six months on this and are convinced that Eavor can change the energy industry as we know it. Eavor can achieve this by ending the traditional energy balancing act between scalable baseload solutions and intermittent green solutions. Eavor instead delivers what the world truly needs; scalable, green, baseload energy.”
Eavor’s President & CEO, John Redfern, said, “It is great to have Vickers Venture Partners join in our funding round. While our core R&D functions are now well funded, Eavor and its partners will need access to project finance on a scale equivalent to wind and solar if we are to change the world. We’re fortunate to have the team at Vickers on board, not only as an investor, but also to help us structure and raise the capital we need on a global scale.”
Vickers Venture Partners is a global venture capital firm focused on early-stage investments in Asia and beyond. The total market value of the companies that the partners have helped grow exceeds US$ 90 billion today. Vickers Venture Partners announced in October 2017 that they have raised US$ 230 million to invest in startups around the world, with a particular focus on deep tech across the globe and impact investments in emerging markets. Vickers Venture Partners was founded in 2005, and is based in Singapore with offices in Kuala Lumpur, Shanghai, Hong Kong, New York, San Diego, Silicon Valley, and London.