Canada Growth Fund Commits $89M to Calgary Cleantech Firm Eavor, with Potential for Additional $48M

The Canada Growth Fund (“CGF”) has announced a C$89 million investment in Calgary-based Eavor Technologies (“Eavor”), a global leader in closed-loop geothermal energy. An additional C$48 million may follow, contingent on performance milestones. The new funding will support Eavor’s first commercial project in Germany and ongoing development at its Calgary headquarters.

Founded in 2017, Eavor has evolved from pilot projects in Alberta to the forefront of advanced geothermal energy. Eavor’s Eavor-Loop™ technology offers a scalable, emissions-free alternative to traditional geothermal by circulating fluid through engineered subsurface wells—requiring no fracking, water use, or emissions.

The CGF, a C$15-billion investment fund created in 2022, aims to catalyze Canada’s clean economy by backing innovative clean technology companies at critical stages of growth. Its goals are to accelerate the deployment of low‑carbon technologies, attract private capital to Canadian businesses, retain domestic intellectual property, and bolster clean-economic competitiveness through strategic investments.

The CGF has backed Eavor before. In 2023, CGF committed C$90 million to help scale Eavor’s core technologies and accelerated its global expansion. With a total potential commitment of C$227 million across two rounds of investment, CGF’s continued support has positioned Eavor to help Canada export clean energy as a global innovator, while anchoring talent and R&D at home.

Author: Finn Mitra, 2025 Summer Law Student