Betakit
Summary
Eavor previously said in March that it was pursuing a Series B funding round with a goal of raising $145 million this year. The company’s spokesperson added that it expects to have $500 million in total funding raised to date after the anticipated completion of its Series B round.
OMV has also penned a commercial agreement with Eavor. It established OMV as a key partner with preferred licensing terms, access to services, and development support.
As a key partner, OMV said it will initially focus on the deployment of Eavor’s technology in Austria, Romania, and Germany. As The Logic reported, Eavor has yet to commercialize its technology in Canada.
Founded in 2017 by John Redfern and Paul Cairns, Eavor’s solution is designed to produce energy using heat generated within the earth, or geothermal energy.
According to the company, Eavor’s flagship product, Eavor-Loop, circulates a benign working fluid that is completely isolated from the environment in closed-loop, through a massive radiator underneath the surface of the ground. The radiator collects heat from the natural geothermal gradient of the earth via conduction.
With its project partners, Eavor said it will begin drilling operations at its Europe site near Bavaria, Germany this summer. The project would be the first implementation of Eavor’s loop technology, according to the company.
“The European heat market is a primary focus for Eavor, starting with our projects in Geretsried and Hannover,” said Eavor’s executive vice president Robert Winsloe. “The agreement with OMV will supercharge the commercialization of Eavor-Loop and the full decarbonization of district heating and cooling in Europe and beyond.”
Continue Reading
#News#MemberNewsIDEA#eavor_technologies#DistrictHeating#Geothermal