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Culture leader · Calgary · AB · Cleantech

Eavor Technologies

Turning Alberta drilling know-how into geothermal power anywhere

Eavor applies the directional-drilling skills of Alberta's oilpatch to a new problem: drawing heat from deep rock through sealed, closed-loop wells. In December 2025 its Geretsried project in Bavaria sent closed-loop geothermal power to the grid for the first time anywhere. The Canada Growth Fund chose Eavor for its first investment, and European lenders are financing the build.

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01 · Culture

How they work

Our viewEavor's culture comes from its engineers. It is a Calgary team of oil and gas specialists whose careers page talks about belonging, mentorship and working on first-of-a-kind projects across Europe and North America. Public evidence of formal programs or culture awards is thin, so we judge it mainly on its mission: moving energy-sector skills and jobs into clean power, with its leadership and core workforce kept in Calgary.

In their words

“At Eavor, we recognize that innovation and success rely on everyone belonging and succeeding here.”
— Company careers page source ↗
“I work with some of the smartest and nicest people I've ever met, which accelerates personal and professional development.”
— Erin Gillis, E.I.T., on the company careers page source ↗
“We are proud to announce the successful delivery of the world's first electrons generated from closed-loop multilateral wells.”
— President and CEO Mark Fitzgerald source ↗
“This is an exciting opportunity to lead a company on the forefront of making clean, reliable, affordable energy available everywhere.”
— President and CEO Mark Fitzgerald source ↗

In practice

  • Inclusion commitmentThe careers page describes Eavor as a people-centred organization where differences are encouraged, identities are respected and everyone has an equal chance to succeed. (2026) source ↗
  • Oil and gas skills transferEavor-Lite, its 2019 demonstration near Rocky Mountain House, was built with Precision Drilling and university partners to move oilfield expertise into geothermal. (2019) source ↗
  • Calgary headquarters jobsThe Canada Growth Fund made its investment to help Eavor create new jobs at its Calgary headquarters. (2023) source ↗

02 · Capabilities

What they do best

Our viewEavor-Loop is a sealed, multilateral radiator drilled kilometres underground that circulates its own fluid and collects heat by conduction. It needs no fracking and no reservoir, and its thermosiphon effect lets it run without pumps. At Geretsried, Eavor proved the system along with the specialist drilling tools it needed.

8.2 MWe / 64 MWthGeretsried target capacity2025 source ↗
€350MGeretsried total project investment2024 source ↗
2017, CalgaryFounded2025 source ↗

Closed-loop geothermal power and heat

Produced the world's first grid electricity from closed-loop multilateral wells at Geretsried, Germany, in December 2025, toward a target of 8.2 MW electrical and 64 MW thermal output. source ↗

Proprietary drilling technology

Uses insulated drill pipe, active magnetic ranging to connect laterals underground, and Rock-Pipe sealant. The thermosiphon effect lets the loop run without pumps after a 30-minute start-up. source ↗

Scalable heat for district energy

Geretsried is expected to save about 44,000 tonnes of CO2-equivalent a year and is designed as a model for wider European rollout. source ↗

03 · Capital

Who backs them, and what they back

Venture-backed

Our viewEavor's backers include energy majors and climate investors, among them bp ventures, OMV, Eversource and Microsoft's Climate Innovation Fund. Public money has backed it at every stage: SDTC and NRCan for the Alberta demonstration, the Canada Growth Fund's first-ever investment, and in Europe an EU Innovation Fund grant and an EIB-led debt package for Geretsried.

Funding

DateRoundAmountInvestors
2023-10Series BC$182MCanada Growth Fund, OMV, bp ventures, Eversource Energy, Vickers Venture Partners, Japan Energy Fund, Monaco Asset Management, Microsoft Climate Innovation Fund source ↗
2024-05Project debt (Geretsried)€130MEuropean Investment Bank (€45M with InvestEU guarantee), JBIC, ING, Mizuho source ↗
2025-06Canada Growth Fund commitmentC$138M (C$89M immediate, C$48M milestone-based)Canada Growth Fund source ↗

Public programs

  • NRCan Clean Growth Program and SDTC (Eavor-Lite demonstration)C$6.7M · 2019-04 source ↗
  • Canada Growth Fund, its first investmentC$90M equity · 2023-10 source ↗
  • EU Innovation Fund grant (Geretsried)€91.6M · 2024 source ↗
What we could not confirm (4)
  • Employee headcount. No public figure was found.
  • The original Series A (around 2019–2020, reportedly including bp ventures and Chevron Technology Ventures) was not confirmed at a primary source.
  • Whether the June 2025 C$138M Canada Growth Fund commitment is new money or includes the 2023 C$90M. Only Calgary.tech coverage was opened.
  • No third-party culture recognition (Top Employers, Great Place to Work, Waterstone, B Corp) was found.

Checked 2026-10-05