What Eavor does

Eavor Technologies Inc., founded in 2017 and headquartered in Calgary, Alberta, is a next-generation geothermal technology company that has commercialized the Eavor-Loop™, a proprietary closed-loop geothermal system consisting of two vertical wells several kilometers deep connected by horizontal multilateral wellbores. A proprietary water-based working fluid is contained and circulated within the sealed system, harvesting heat from surrounding rock via conduction rather than relying on hydrothermal reservoirs or hydraulic fracturing. The architecture is supported by a portfolio of patented and patent-pending component technologies — Rock-Pipe™ (completion technology isolating the working fluid from rock), Eavor-Link™ AMR (active magnetic ranging enabling ranging-while-drilling), Insulated Drill Pipe (cooling drilling tools to reach hotter/deeper formations), Magnetic Ranging, and Multilateral Whipstock junctions — with a Modular Organic Rankine Cycle supplied by partner Turboden converting surface heat into electricity. The technology is designed to function in average geological gradients (15–30°C/km), eliminating the need for rare hotspots and avoiding induced seismicity, water consumption, and aquifer contamination.

Eavor generates revenue through technology licensing (its stated primary go-to-market), engineering and technical services, specialized well and construction services, operating services, and project-level development where it retains skin-in-the-game. Anchor commercial activities include the world's first commercial-scale Eavor-Loop at Geretsried, Bavaria, Germany (designed for 8.2 MWe + 64 MWth; first electricity achieved December 4, 2025; Loop #1 currently producing ~8.5 MWth thermal from 4 of 12 planned lateral pairs), a partnership with a major US utility for >1.2 GW of potential generation in the southwestern United States, and district heating supply to the Municipality of Geretsried. The company has also initiated the Eavor-Deep™ project (deep drilling demonstration with Cyrq Energy and Helmerich & Payne) and operated the Eavor-Lite™ facility in Alberta from 2019 to 2024. Eavor maintains regional subsidiaries in the United States (Marina del Rey), Germany (Düsseldorf), Netherlands (Amsterdam Schiphol), and Japan (Tokyo), and is backed by a global investor base including bp Ventures, Chevron Technology Ventures, BHP Ventures, Temasek, OMV, Microsoft Climate Innovation Fund, BDC Capital, Chubu Electric Power, Kajima Corporation, Vickers Venture Partners, and the Canada Growth Fund.

Following operational learnings from Geretsried — including the demonstrated 50% reduction in drilling time via Insulated Drill Pipe and confirmed thermal output matching pre-drill predictions — the company announced a strategic pivot from developer/operator toward a capital-light, global technology licensor model supported by its patent portfolio, exclusive commercial agreements, and proprietary know-how. Eavor is recognized as the No. 2 company on TIME's World's Top GreenTech Companies 2026 list, is a three-time Global Cleantech 100 honoree (2024–2026), and was awarded Overall CleanTech Innovation of the Year in the 2026 CleanTech Breakthrough Awards.

Name

Eavor

Legal name

Eavor Technologies Inc.

Website

https://eavor.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Calgary-based Eavor Technologies Inc. develops the Eavor-Loop™, a closed-loop geothermal system extracting heat from hot rock via conduction without fracking or induced seismicity. The firm serves utilities, municipalities, and data centers needing firm clean power, pivoting from project developer to technology licensor.

Ownership category

akta.pro rank

Product category

Geothermal Energy Systems

NAICS

Mining and Oil and Gas Field Machinery Manufacturing (33313), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Oil & Gas Field Machinery & Equipment (3533), Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

Keywords

• Closed-loop geothermal
• Baseload clean energy
• Geothermal technology licensing
• Dispatchable renewable power
• District heating systems

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Supply Chain, Personnel, Marketing or Sales, Operations

Revenue model

1. Technology Licensing: Eavor's primary business model going forward is licensing the Eavor-Loop™ technology to partners globally. This is capital-light, higher margin, and leverages world-class operating and financial partner capabilities. Licensing model supported by web of patents at both geothermal system and component levels, exclusive commercial agreements with suppliers/technology partners/developers, and proprietary expertise, know-how, and data.
2. Engineering and Technical Services: Eavor provides specialized engineering and technical services (developed proprietary know-how and software) to support licensees and partners deploying Eavor-Loop systems.
3. Specialized Well and Construction Services: Eavor directly provides certain specialized well and construction services after Final Investment Decision (FID) for select projects.
4. Operating Services: Eavor provides operating services for select Eavor-Loop installations post-deployment.
5. Project Development (Geretsried): Eavor retains skin-in-the-game for the Geretsried project where it serves as the developer, generating combined heat and power revenue for the surrounding municipalities. Heat will be eventually sold to offtakers including the local municipality of Geretsried.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels10 records

Core offering

Eavor develops and licenses the Eavor-Loop™, a closed-loop geothermal system consisting of two vertical wells several kilometers deep connected by horizontal multilateral wellbores, through which a proprietary working fluid is circulated to harvest heat from surrounding rock via conduction. The company provides technology licensing, engineering services, specialized well and construction services, and operating services to utilities, municipalities, and industrial customers worldwide.

Product overview

Eavor offers a single unified closed-loop geothermal technology platform centered on the proprietary Eavor-Loop™ system, which the company describes as the world's first truly scalable form of clean, baseload, and dispatchable energy. The core Eavor-Loop™ technology is supported by a portfolio of proprietary component innovations including Rock-Pipe™ (completion technology), Insulated Drill Pipe (IDP), Eavor-Link™ AMR (Active Magnetic Ranging), Magnetic Ranging, and Multilateral Junctions & Whipstock, along with a Modular Organic Rankine Cycle for surface power generation. Eavor validates and demonstrates this technology through two flagship demonstration projects: Eavor-Lite™, the Derek Riddell Demonstration Facility in Alberta (operated 2019-2024), and Eavor-Deep™, a deep drilling demonstration project. The commercial flagship deployment is Eavor-Europe™ at Geretsried, Bavaria, Germany — the world's first commercial-scale Eavor-Loop facility, which began delivering electricity to Germany's grid in December 2025. Eavor is pivoting its business model from developer/operator toward technology licensor to scale globally through partners.

Differentiator

Problem solved

Functional benefit

Brands

• Eavor-Loop™: The company's core closed-loop geothermal system product — a multilateral closed-loop well system that circulates a proprietary working fluid to harvest heat from hot rock via conduction for electricity generation and/or district heating.
• Eavor-Lite™
• Eavor-Deep™
• Eavor-Europe™
• Rock-Pipe™
• Eavor-Link™

Products and services

• Eavor-Loop™ Closed-Loop Geothermal System The world's first truly scalable closed-loop geothermal system: two vertical wells several kilometers deep connected by horizontal multilateral wellbores, with proprietary working fluid circulated in the sealed system to retrieve heat from surrounding rock via conduction. Functions as a buried-pipe radiator with no fluid interaction with underground formations, enabling baseload and dispatchable power generation plus district heating.
• Eavor-Lite™ Demonstration Facility Full-scale prototype of the Eavor technology suite: two vertical wells joined by two multilateral legs at 2.4 km depth, connected by a pipeline at surface. Operated autonomously from 2019 to 2024 to prove and demonstrate all critical elements of Eavor's technologies at the lowest cost. Located near Sylvan Lake, Alberta.
• Eavor-Deep™ Demonstration Project Next-generation geothermal demonstration project showcasing proprietary drilling technology for constructing commercial Eavor-Loops in deep, hot rock. Combined teams from Eavor, Cyrq Energy, and Helmerich & Payne (H&P) tested Eavor-Loop components for super-hot ultra-deep environments.
• Eavor-Europe™ Geretsried Commercial Project World's first commercial-scale Eavor-Loop geothermal energy system located in Geretsried, Bavaria, Germany. Designed for 8.2 MW electricity and 64 MW thermal capacity. Eavor serves as the developer, generating combined heat and power revenue for surrounding municipalities, with heat supplied to the local municipality of Geretsried.
• Eavor-Loop™ Technology Licensing Eavor's primary go-to-market offering: licensing the Eavor-Loop™ technology and proprietary know-how to operating and financial partners globally. Includes Eavor-Loop-specific engineering services, specialized well and construction services, and operating services, supported by a web of patents at both geothermal system and component levels.
• Eavor-Lite™ Virtual Tour

Quantifiable outcome

• Up to 50% reduction in drilling times via Insulated Drill Pipe technology
• +7 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Twelve partnerships are on record, tiered flagship partner, project partner, recognition partner, policy partner and research partner.

• OMVflagship partnerStrategic or Co-development PartnerAustrian energy company contributing operational expertise to the Geretsried project and listed as an equity investor. Stephan Hannke of OMV joined Eavor's Board of Directors in June 2023. Co-development partner for commercialization of Eavor-Loop technology in Europe.
• Turboden (a Mitsubishi Heavy Industries Group company)flagship partnerStrategic or Co-development PartnerJoint development partner — supplied the Organic Rankine Cycle (ORC) power plant for the Geretsried project, converting Eavor-Loop heat into electricity. Eavor's proprietary geothermal power technology is combined with Turboden's ORC for commercial-scale generation.
• Cyrq Energy, Inc.project partnerStrategic or Co-development PartnerPartner on Eavor-Deep™ next-generation geothermal demonstration project. Nick Goodman, CEO of Cyrq Energy, quoted: "Cyrq is determined to deliver energy solutions using the highest-grade technology to a world striving for green energy."
• Helmerich & Payne (H&P)project partnerTechnology or IntegrationDrilling services partner for Eavor-Deep™ demonstration project. Chris Miller, Director of H&P Ventures, quoted: "Improving lives through affordable and responsible energy is a central goal and philosophy at H&P." H&P Drilling Performance team combined with Eavor to demonstrate next-generation drilling technologies.
• TNO (Netherlands Organisation for Applied Scientific Research)project partnerStrategic or Co-development PartnerConsortium member for ELFO project with Huisman Geo BV and EnNatuurlijk — assessed feasibility and economic viability of deep Eavor-Loop (12 multi-laterals) as primary heat source for Tilburg city heating networks in the Netherlands.
• Huisman Geo BVproject partnerStrategic or Co-development PartnerDrilling equipment & research consortium member for ELFO project, providing technical expertise on the Eavor-Loop multi-lateral system in Tilburg.
• EnNatuurlijkproject partnerStrategic or Co-development PartnerOperator of district heating networks in Netherlands; consortium member for ELFO project evaluating Eavor-Loop as primary heat source.
• Reuters Events (2026 Trailblazing Women)recognition partnerGTM or Marketing PartnerFeatured Eavor co-founder Jeanine Vany on the 2026 Trailblazing Women list (selected from more than 11,000 nominations), amplifying Eavor's brand reach in policy and energy advocacy circles.
• CIX (Canadian Innovation Exchange)recognition partnerGTM or Marketing PartnerAwarded Eavor a 2026 CIX Startup Award in the Growth category. Eavor is set to join the CIX Summit in Toronto to share more about the breakthrough technology.
• Clean Air Task Force (CATF)policy partnerGTM or Marketing PartnerClean Air Task Force policy report referenced Eavor's superhot rock geothermal and closed-loop approaches as part of an 'options-based' energy strategy for Germany. Indirect policy advocacy partner.
• MIT Energy Initiativeresearch partnerGTM or Marketing PartnerEavor featured as a panelist at MIT Energy Initiative's 2026 Spring Symposium on next-generation geothermal energy, alongside Sage Geosystems and Turboden.
• Sinton Lab (collaborative research)research partnerTechnology or IntegrationJoint research with Sinton Lab revealed how phase change slurries can optimize closed-loop technology (October 2023 blog post).

Scale indicators15 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Fervo Energy: Closest next-generation geothermal peer. Fervo uses horizontal drilling and enhanced geothermal systems (EGS) to deliver firm clean power, has signed multiple gigawatt-scale PPAs (including with Google), and has raised >$1.5B alongside Eavor in the next-gen geothermal capital wave. Directly comparable as a competing technology route to commercial-scale clean firm power.
• Sage Geosystems: Next-generation geothermal company developing advanced geothermal systems for baseload power. Featured alongside Eavor at the MIT Energy Initiative 2026 Spring Symposium and cited in the 2025 U.S. Geothermal Market Report as a top-three next-gen geothermal capital recipient.

Emerging players

• GreenFire Energy: Closed-loop geothermal developer using a different subsurface heat exchanger architecture (Advanced Geothermal System). Comparable as a fellow closed-loop / non-fracking geothermal competitor pursuing similar 'geothermal anywhere' positioning.

Broad incumbents

• Ormat Technologies: Established vertically-integrated geothermal power equipment supplier and IPP with a global operating portfolio. Comparable as a broad incumbent in the geothermal power market that Eavor's licensing model must compete against for utility and project-development mindshare.
• Chevron: Integrated energy major and Eavor equity investor (via Chevron Technology Ventures). Comparable as a deep-pocketed oil & gas incumbent developing geothermal ventures of its own — represents both a strategic backer and a potential competitor with vastly greater resources.
• Cyrq Energy: Geothermal power producer and Eavor-Deep™ co-development partner. Comparable as a current Eavor partner with its own geothermal operating assets, providing a potential licensing customer profile.

Others

• Baker Hughes: Global oilfield services and drilling-technology major. Comparable as a potential partner/competitor for drilling services, downhole tools, and Eavor-Loop-style multilateral completions at scale.
• Helmerich & Payne: Largest U.S. land drilling contractor and Eavor-Deep™ drilling-services partner. Comparable as a strategic drilling partner that could either license the Eavor-Loop stack or compete with its own geothermal initiatives.
• Turboden: Mitsubishi Heavy Industries subsidiary specializing in Organic Rankine Cycle (ORC) turbogenerators, supplied the power plant for Eavor-Europe™ at Geretsried. Comparable as a key enabling-technology partner for Eavor's surface power generation.
• INNIO Group (Jenbacher): Gas-engine and power-generation OEM with growing activity in geothermal and waste-heat-to-power applications. Comparable as an adjacent supplier of distributed power-generation equipment that competes with ORC solutions in geothermal projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/eavortech
• YouTubeyoutube.com/c/Eavor
• Facebookfacebook.com/EavorTechnologies
• LinkedInlinkedin.com/company/eavor
• Instagraminstagram.com/eavortech

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries5 records

Funding overview

Funding rounds18 records

Investors26 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eavor