Eavor Technologies Inc., a Calgary-based power technology company, has received $6.7 million from the federal government, going towards the company’s geothermal engineering technology.
Eavor is developing a geothermal system that will generate renewable energy using the earth’s natural heat.
The federal funding, provided by Natural Resources Canada’s Clean Growth Program and Sustainable Development Technology Canada, will go towards the construction of a demonstration facility for this technology. The Clean Growth Program is a $155 million investment fund that aims to advance emerging clean technologies toward commercial readiness.
“This innovative project demonstrates that we can build upon, and transfer, expertise from the oil and gas sector to supply cleaner forms of energy, leading to potential new export markets for Canada,” said Canada’s Minister of Natural Resources, Amarjeet Sohi.
RELATED: Government calls for cleantech transportation project proposals
Founded in 2017, Eavor is currently developing a prototype for a closed-loop geothermal system that will generate renewable energy using the earth’s natural heat. Its technology, called Eavor-Loop, takes traditional geothermal energy and makes it scalable by removing the need for either volcanic-type temperature or permeable aquifers. With its partners, the company intends to use Eavor-Loop to transfer 10 million homes over the next 10 years onto heat and/or power from Eavor’s solution.
This new project will also see participation from Precision Drilling, Shell New Energies, Shear Fluids, the University of Alberta, as well as Codeco-Vanoco Engineering, and the University of Toronto, among others.
“We look forward to the construction and completion of the demonstration facility right here in Alberta this summer,” said John Redfern, Eavor Technologies’ president and CEO. “The demonstration of our technology and solution will provide the validation needed to unlock Eavor’s already identified commercial opportunities at home and around the world. To complete this demonstration and pursue these markets we are delighted to work with our Canadian company partners and supporters.”
Image courtesy Unsplash.