On June 3, 2025, Canada Growth Fund Inc. (“CGF”) announced a financing commitment of up to approximately C$138 million to support the continued development and global deployment of Eavor Technologies Inc.'s closed-loop geothermal system, Eavor-Loop™. Headquartered in Calgary, Alberta, and founded in 2017, Eavor has demonstrated its proprietary technology at pilot scale and is constructing its first commercial facility in Geretsried, Germany. Under the definitive agreement, CGF will invest around C$89 million at closing and an additional C$48 million upon meeting specific milestones.

This investment follows CGF’s earlier C$90 million participation in Eavor’s Series B preferred equity round in October 2023. Since that initial investment, Eavor has achieved key technical milestones including well intersection using its Eavor-Link™ AMR system, deployment of insulated drill pipe for high-heat drilling, successful whipstock drilling for multilateral wells, and application of its Rock-Pipe™ sealing technology. CGF’s new capital commitment aims to reinforce Eavor’s Canadian base by sustaining leadership and employment in Calgary and leveraging domestic drilling expertise. The investment underscores CGF’s mandate to catalyze clean technology commercialization in Canada.

Davies Ward Phillips & Vineberg LLP acted as legal advisor to CGF and Canada Growth Fund Investment Management Inc. (CGFIM). Morgan Stanley & Co. LLC and National Bank Financial Inc. acted as placement agents to Eavor. DS Lawyers Canada LLP served as legal advisor to Eavor, while A&O Shearman acted as counsel to the placement agents.