Calgary, ALTA — A Calgary-based geothermal technology company looks like it made its way onto the nice list this year. Eavor Technologies Inc. will receive a $90 million investment under the Canada Growth Fund. This is the first investment under the program.
“We created the Canada Growth Fund to build Canada’s clean economy and create great careers for Canadians from coast to coast to coast,” explains Chrystia Freeland, deputy prime minister and minister of finance. “Today’s investment in Eavor—the Growth Fund’s first—will help to do exactly that, and it is an example of how our clean economy jobs plan is and will continue to deliver for people in Alberta and right across the country.”
Eavor has developed a scalable technology for closed-loop geothermal power and heat generation, which captures geothermal energy to produce heat and electricity without emissions. According to a press release from the department of finance Canada, “This technology has the potential to significantly reduce emissions both in Canada and around the world.”
According to the government, the investment will enable Eavor to scale up its emissions-reducing technology. The Canada Growth Fund is a $15 billion arm’s length public investment program, which was launched by the federal government. The Fund began operations in the summer of 2023 and will deploy investments over the next five years on Canadian projects and technologies.
The Canada Growth Fund has chosen its second investment — Entropy Inc. In partnership with the University of Regina, Entropy developed a modular carbon capture, utilization, and storage technology to reduce emissions in hard-to-abate industries.
The company will receive a $200 million direct investment under the Canada Growth Fund. According to the federal government, this investment will enable Entropy to scale up its technology to reduce emissions at Advantage Energy’s glacier phase 2 plant in Alberta’s Peace Country by around 2.8 million tonnes over 15 years, as well as commercialize its proprietary technology for future projects.
In addition, the Growth Fund will purchase up to 185,000 tonnes per year of carbon credits for 15 years at an initial price of $86.50 per tonne.