Eavor, a Canadian cleantech startup, raised CAD$15m in Series A funding.
Backers included Vickers Venture Partners.
The company intends to use the funds to grow its pipeline of commercial opportunities around the world.
Led by President & CEO John Redfern, Eavor provides solutions in the geothermal energy space. Eavor-Loop, the company’s solution, is a new means of extracting power from the Earth’s natural geological temperature gradient and make a traditional niche energy source, geothermal energy, scalable by removing the need for volcanic-type temperature and permeable aquifers.
The company aims to use Eavor-Loop globally to transfer 10 million homes over the next 10 years onto heat or power from its distributed green baseload solution.