Canada Growth Fund invests $90M in Calgary geothermal company

Oct 25, 2023

Share
Share
Tweet

The Calgary skyline is seen on Friday, Sept. 15, 2017. A Calgary-based geothermal energy company is the first recipient of funding from the Canada Growth Fund, the federal government’s new $15-billion arm’s-length public investment vehicle. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — A geothermal energy company is the first recipient of funding from the Canada Growth Fund, the federal government’s new $15-billion arm’s-length public investment vehicle.

Calgary-based Eavor Technologies Inc. has developed a proprietary closed-loop geothermal system that the company says can be used to produce clean, reliable baseload heat and power.

The Canada Growth Fund has committed $90 million of Series B preferred equity in the company, to help Eavor grow its business while retaining intellectual property and creating jobs in Canada.

Finance Minister Chrystia Freeland announced the creation of the Canada Growth Fund in the 2023 federal budget.

The fund is meant to help Canada’s economy transform and grow on the path to net-zero greenhouse gas emissions. Its mandate is to invest in Canadian clean technology businesses that are developing technologies at the commercialization stage.

One of the goals of the fund is to help bridge the liquidity gap in the Canadian clean technology market, offering support to companies at the critical stage of commercialization and development.

The Public Sector Pension Investment Board, is one of Canada’s largest pension investment managers, has been chosen to act as investment manager of the fund. It will do so through a wholly owned subsidiary, Canada Growth Fund Investment Management Inc.

This report by The Canadian Press was first published Oct. 25, 2023.

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0085 Turnbull snow removal call office
    0085 Turnbull snow removal call office
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001