Temasek, Vickers Ventures lead funding round for Canadian energy firm

The energy company raised US$40m in the round.

Canadian startup energy company Eavor Technologies Inc. raised more than $53m (US$40m) in an undisclosed funding round led by Singapore venture capitalists Temasek and Vicker Ventures.

Eavor’s technology, known as Eavor-Loop, uses the natural heat of the earth like a giant rechargeable battery. Fluids are heated by the earth and circulated in a closed network of underground wellbores, unlocking a reliable and consistent energy source.

The investment will be used to bolster Eavor’s ongoing research and development efforts to drive the cost of Eavor-Loops clean dispatchable power to a price point that is competitive in all markets.

Other investors include bp ventures, Chevron Technology Ventures, BDC Capital, and Eversource1.