Deep Energy Capital (“Deep Energy”), an independent investment firm specializing in renewable energy, and Eavor Technologies Inc. (“Eavor”), the leading company in advanced geothermal technology, have agreed to develop, finance, construct and operate geothermal projects using Eavor’s advanced Eavor-Loop™ technology.
Deep Energy will finance at least five projects from Eavor’s expanding European and North American portfolio, for which up to €1 billion is needed. Renewable electricity and heat are continuously supplied within these geothermal projects. Long-term feed-in tariffs and fixed-price purchase contracts are designed to further support the clean energy production from local sources.
Eavor’s closed-loop geothermal systems extract heat energy from an interconnected network of wellbores, similar to an underground radiator. The projects using Eavor-Loop™ technology are expected to generate a total of 2,500 GWh of energy and save 500,000 metric tons of CO2 per year for at least 30 years. In October 2022, Eavor announced the start of construction at the Geretsried geothermal site and a heat purchase agreement (HPA) with Enercity AG to decarbonize Hanover’s district heating network.
Dan Phillipson, Managing Partner at Deep Energy, said: “This agreement with Eavor unlocks the potential of geothermal energy and creates a path to scalability by aligning projects with the risk and return profiles of infrastructure investors. We see tremendous opportunities to expand this resilient infrastructure and provide communities with reliable, clean heat and power.”
John Redfern, President and CEO of Eavor Technologies, said: “Eavor-Loop is a turning point that makes large-scale geothermal energy possible while reducing the risks associated with geothermal drilling. Electricity and heat can be supplied with reliability and confidence. This collaboration with Deep Energy is an important step in the commercialization, financing and development of our low-carbon future.”
Eavor and Deep Energy have announced an initial collaboration agreement for 2021.

ABOUT DEEP ENERGY CAPITAL
Deep Energy Capital is a London-based company focusing on long-term investments in the energy transition. We invest in geothermal infrastructure, which is a highly differentiated source of renewable energy. Our activities focus on the development, construction, operation and financial optimization of clean, renewable, baseload-capable and dispatchable sources of electricity, heating and cooling. As a sustainable infrastructure investment vehicle, Deep Energy Capital aims to deliver sustainable, reliable and secure energy to electricity grids and local communities worldwide.
ABOUT EAVOR TECHNOLOGIES
Eavor (pronounced “Ever”) is a technology-based energy company led by a team committed to creating a clean, reliable, and affordable energy future on a global level. Eavor’s solution (the Eavor-Loop™) represents the world’s first truly scalable form of clean, plannable, baseload-capable, and flexible energy. Eavor achieves this by mitigating or eliminating many of the problems that have previously limited geothermal energy. Instead, Eavor circulates a working fluid through a massive underground radiator, completely isolated from the environment in a closed circuit. This radiator collects heat from the Earth’s natural geothermal gradient. Eavor has been backed by equity investments from several of the world’s leading energy producers, investors, developers, and venture capital funds, including Vickers Venture Partners, BP Ventures, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, BDC Capital and Chubu.
Contact
Deep Energy Capital, LLP
Dan Phillipson – Managing Partner
info@deepenergy.capital
+44 20 3982 6635
www.deepenergy.capital
Eavor Technologies Inc.
John Redfern – President and CEO
info@eavor.com
+1 650 269-2501
www.eavor.com
Eavor GmbH
Daniel Mölk – Managing Director
presse@eavor.de
+49 211 169 759–11
www.eavor.de