Eavor

Who owns Eavor?

Eavor is currently owned by BP Technology Ventures through BP Ventures (Evergreen) (2006 vintage), since 2021.

Hand-verified · updated 2026-05-28

About Eavor

Eavor Technologies is a Calgary-based energy technology company that develops closed-loop geothermal systems marketed under the Eavor-Loop name, in which a benign working fluid circulates through a sealed network of drilled underground wellbores and extracts the earth's heat like a giant radiator. The design is positioned as a scalable source of clean baseload and dispatchable power and heat that avoids the fracking, induced seismicity, water use and aquifer risks associated with conventional geothermal, allowing deployment in geographies without natural hydrothermal resources. Its flagship commercial project at Geretsried in Bavaria, Germany deploys four Eavor-Loops configured for combined heat and power, rated at roughly 64 MW thermal and 8 MW electrical to serve the local grid and district heating network. In December 2025 the Geretsried facility became, per company disclosures, the first fully closed-loop geothermal plant to deliver electricity to a commercial power grid.

Ownership journey

Eavor was founded in Calgary in 2017 by John Redfern and Paul Cairns to commercialise a closed-loop alternative to conventional geothermal drilling. In February 2021 the company raised a USD 40 million round in which BP Ventures, the evergreen corporate venture arm, took its first geothermal position, investing alongside a group of strategic and financial co-investors. BP Ventures reinforced its holding through a larger CAD 182 million equity round announced in October 2023 that funded the Geretsried build-out, continuing as an existing investor rather than lead. BP Ventures remains a minority venture backer and no exit or secondary transaction has been recorded; interim leadership passed to co-founder Robert Winsloe in 2025 after Redfern stepped down for personal reasons.

Under PE ownership

The successive rounds backed by BP Ventures were earmarked for advancing the Eavor-Loop from demonstration to full commercial scale, and the trajectory reflects that. Following the Eavor-Lite demonstration facility near Rocky Mountain House, Alberta, the company broke ground on its first commercial project at Geretsried and progressed it to first electricity production in December 2025, feeding roughly 8 MW of power to the regional grid and providing 64 MW of district heating. Over the investment period Eavor moved from proving the concept to operating grid-connected capacity and building an international pipeline extending from Canada into Germany. The 2023 financing round also drew a broadened investor base and additional strategic support to underpin the deployment programme, while the company continued to present its technology as a route to geothermal power in regions without conventional hydrothermal resources.