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Eavor Technologies has developed a closed-loop geothermal system (Eavor-Loop) that does not rely on natural aquifers or fracturing, positioning it as a scalable clean-baseload technology; its first commercial project is under construction in Geretsried, Germany. CGF's CAD 138 million commitment is structured in two tranches: CAD 89 million released at financial close and CAD 48 million gated on Eavor hitting development milestones — a state-financing mechanism typical of CGF's minority equity/structured-financing approach rather than an outright grant.
This is CGF's second major financing round for Eavor, following an initial CAD 90 million investment in October 2023 (pre-dates this register), bringing CGF's cumulative commitment to the company to roughly CAD 228 million. It sits alongside CGF's other 2025-26 critical-technology financings — Mangrove Lithium ([[2026-01-15-canada-growth-fund-mangrove-lithium-financing]]) and Cyclic Materials ([[2026-01-20-canada-growth-fund-cyclic-materials-investment]]) — as part of a broader pattern of federal Crown-vehicle co-investment in Canadian clean-technology and critical-minerals-adjacent companies.
Severity set at 2 (quant): a CAD 138 million single-company financing commitment, comparable in scale to CGF's other individual technology investments and well below program-level Canadian industrial-policy funds elsewhere in the register.
clean-technology companies rather than a one-time grant-maker — Eavor's cumulative CGF backing now exceeds CAD 225 million across two rounds.
watch for a parallel German or EU-level policy/financing action tied to that site's ramp-up.
released, and what the specific milestones were.
funding round beyond CGF's contribution.