June 14, 2023 | Source: Eavor Technologies Inc.
CALGARY, Alberta, Canada and VIENNA, Austria – June 14, 2023 – Eavor Technologies Inc. (“Eavor”), the leader in globally scalable geothermal cycle technology, has reached the first close of its Series B equity round. OMV AG (“OMV”) is taking the lead with a €34 million (CDN $50 million) investment and has entered into a commercial agreement with Eavor to pursue large-scale adoption of Eavor-Loop™ technology in Europe and beyond.
Eavor’s partners that have made follow-up investments include BP Ventures, Eversource Energy, and Vickers Venture Partners. At the same time, Chubu Electric Power exchanged its convertible bond for a capital increase.
The agreement makes OMV a key partner with regard to licensing terms, access to services, and development support. OMV will initially focus on deploying Eavor-Loop™ technology in Austria, Romania, and Germany.
Berislav Gaso, OMV Executive Vice President for Energy, said: “We are excited about our partnership with Eavor and look forward to using this next-generation geothermal energy technology to achieve our green energy goals.”
John Redfern, President, CEO and co-founder of Eavor, stated: We have been working with OMV on this partnership for over a year and are always impressed by their technical expertise and commitment to the energy transition. We look forward to building on this with OMV to provide Europe with real energy independence, security and autonomy.”
Eavor, together with its project partners, will begin drilling at the Eavor-Europe™ site near Geretsried in Bavaria this summer. The project is the world’s first commercial implementation of an Eavor-Loop™, a flagship project for the next generation of emission-free geothermal heat and power generation.
Robert Winsloe, Executive Vice President Origination at Eavor, explained: “The European heating market is a core market for Eavor, led by our projects in Geretsried and Hanover. The agreement with OMV will advance the commercialization of Eavor-Loop™ and the complete decarbonization of district heating and cooling in Europe and beyond.”

About OMV AG
With Group sales of €62 billion and around 22,300 employees in 2022, OMV is one of Austria’s largest industrial companies listed on the stock exchange.
In the area of chemicals and materials, OMV is one of the world’s leading providers of innovative, recyclable polyolefin solutions and a European market leader in the areas of basic chemicals, fertilizers, and plastics recycling through its Borealis subsidiary. Together with its two major joint ventures – Borouge (with ADNOC in the United Arab Emirates and Singapore) and Baystar™ (with TotalEnergies in the USA) – Borealis provides products and services to customers around the world. OMV’s Fuels and Raw Materials business segment produces and markets fuels and raw materials for the chemical industry, operates three refineries in Europe and has a 15% stake in a refinery joint venture in the United Arab Emirates. OMV operates around 1,800 gas stations in nine European countries. In the energy segment, OMV explores for and produces oil and gas in four core regions: Central and Eastern Europe, the Middle East and Africa, the North Sea, and Asia-Pacific. Average daily production in 2022 was 392 kBOE. The company’s activities also include the low-carbon business and the full range of natural gas services.
OMV intends to develop from an integrated oil, gas and chemicals company into a leading supplier of innovative and sustainable fuels, chemicals and materials, while also playing a leading role in the circular economy. By transitioning to a low-carbon economy, OMV aims to achieve net zero in all three scopes by 2050 at the latest.
OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the USA.
About Eavor Technologies Inc.
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 scale. Eavor’s solution (the Eavor-Loop™) represents the world’s first truly scalable form of clean, plannable, and flexible energy. Eavor achieves this by reducing or solving many of the problems that have traditionally hindered geothermal energy. In the Eavor Loop™, an environmentally friendly working fluid, completely isolated from the surrounding environment, circulates through a massive underground heat exchanger. This heat exchanger absorbs heat from the Earth’s natural geothermal gradient through heat conduction. The world’s first commercial project is currently being built in Geretsried, Bavaria (www.eavor-geretsried.de). Eavor has been backed by equity investments from several of the world’s leading energy companies, investors, developers and venture capital funds, including Vickers Venture Partners, BP Ventures, Chubu Electric Power, BDC Capital, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling, and now OMV. info@eavor.com
Contact data
Eavor Technologies Inc
Daniel Mölk
Executive Vice President Europe Operations
Daniel.Moelk@eavor.com
Phone.: +49 211 169759-11
OMV AG – Corporate Communications
Elena Menasse
Corporate Spokesperson Energy
media.relations@omv.com
Phone: +43 (1) 40 440-21357