Ivor Technologies It received $8 million from the Alberta government to help develop the company’s Eavor-Loop technology.
Eavor-Loop is a closed-loop underground geothermal system that circulates a working fluid to harvest the Earth’s natural heat, providing low-emission energy. In mining, this technology is used to direct electricity off the grid to remote operations for processes such as water heating and ventilation.
Eavor-Jules, the company’s initiative to develop Eavor-Loop, is valued at $83 million. The company said the initiative aims to increase the technology’s operating depth and temperature range. Ivor said that with this funding, it is focusing on engineering, modeling, and testing prototypes of the updated system.
“This has the potential to unlock scalable geothermal energy in areas where traditional geothermal resources are not available, supporting clean, safe and affordable energy solutions around the world,” Matt Toews, CEO of Eavor, said in a press release.
The grant is supported by Alberta’s Emissions Reduction Drilling Technology (ERA) Challenge, which announced $37 million in funding for 10 projects in drilling technologies, including robotic automation, AI-based energy management and geothermal systems.
Grant Hunter, Alberta’s Minister of Environment and Protected Areas, said the challenge is identifying companies with “the entrepreneurial spirit that has made Alberta a world leader in energy.” “Projects like Eavour-Jules help attract investment, create jobs and put Alberta at the forefront of the next generation of drilling and geothermal technologies,” he added.
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