SUBSCRIBE
PROFILE

Eavor Obtains Financing for Geothermal Project in Germany

Eavor, a Canadian start-up, has received €45 million from the European Investment Bank to build its first commercial geothermal power plant in Germany. It is based on innovative closed-loop technology.

Share:

Technologie géothermique Eavor Allemagne

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

The European Investment Bank (EIB) has granted Eavor a €45 million loan to build its first commercial geothermal project near Munich. The project also benefits from a 91.6 million euro grant from the European Union’s Innovation Fund, covering around a third of the total cost. This grant underlines the strategic importance of geothermal energy in Europe’s energy transition

German government commitment

During a visit to the site last August, German Chancellor Olaf Scholz reaffirmed his support for a tenfold increase in the country’s geothermal capacity by 2030. The Eavor plant is intended to serve as a model for wider geothermal development in Germany, providing reliable renewable energy to thousands of homes and businesses.

Closed Loop Technology

Eavor uses a unique closed-loop technology. It involves drilling several kilometers deep, injecting cold water that gradually heats up underground thanks to geothermal heat. The water then rises as steam to power the electricity-generating turbines. This continuous loop operates without a pump, thanks to the thermosiphon phenomenon, creating an autonomous system that constantly recycles hot water.

Differentiation from Traditional Geothermal Projects

Unlike conventional geothermal projects, Eavor’s closed-loop system is designed to avoid heat loss and the risks associated with depleting thermal springs. The technology can be deployed worldwide, regardless of specific geology, enabling the production of basic, controllable renewable energy.

International support

Major investors, including BP, Chevron, Chubu Electric and Microsoft, are actively backing the project. The Canadian government also invested $130 million last October. This mobilization testifies to the confidence in Eavor’s technology to provide clean, safe and affordable energy.

Global Perspectives

Michael Liebreich, founder of BloombergNEF and Chairman of Eavor’s Advisory Board, believes that this technology represents a step closer to the “Holy Grail” of renewable energies. Wopke Hoekstra, European Commissioner for Climate Action, adds that this project illustrates the crucial role that geothermal energy will play in the transition to carbon neutrality.
With this innovative project near Munich, Eavor is demonstrating the potential of closed-loop geothermal technologies to revolutionize clean energy production. Financial and political support testifies to confidence in this technology, which could transform the world’s energy landscape.

  • Popular on energynews.pro
Nuclear energy retained in the European Union green taxonomy
Orazul Energy launches cash tender offer for its 2027 notes
Petrobras takes 27.5% stake in Block 4 offshore São Tomé with Shell and Galp
Italy could unlock €16bn in hydropower through new concession model
Westinghouse and EDF reactors deemed viable for Slovenia’s JEK2 nuclear project
Baker Hughes joins CTR for a mega geothermal project in California
Baker Hughes joins the development of the second phase of the Hell’s Kitchen project in California, targeting 500 megawatts of geothermal energy to power energy-intensive data centres.
Baker Hughes to deliver geothermal equipment to Fervo Energy for 300 MW capacity
Baker Hughes will supply Fervo Energy with key equipment for five geothermal ORC plants as part of the Cape Station Phase II project in Utah, United States.
Ormat extends 25-year PPA for 52 MW from Heber 1 geothermal plant
A long-term extension secures continuous baseload geothermal power supply to California’s main utilities while strengthening financial visibility in the energy sector.
The new Tanawon geothermal site adds 22 MW to the Philippine energy grid
The inauguration of the Tanawon geothermal site, with a capacity of 22 megawatts, marks a milestone in the expansion of the Philippines’ energy park with local solutions of low carbon footprint.
Global geothermal investments projected to reach $13.56bn by 2030
The rise in investments and the boom in binary cycle technologies are placing geothermal energy at the heart of global energy strategies, driven by heat pump demand and Asian ambitions.
Daldrup & Söhne AG wins EU-wide tender for major geothermal energy contract
Daldrup & Söhne AG has won an EU-wide tender for drilling geothermal wells in Pullach, a large-scale project that could enhance the economic appeal of geothermal energy in Germany.
The Bureau of Land Management streamlines regulation to speed up American geothermal sector
The Bureau of Land Management removes rules deemed obsolete to facilitate the development of geothermal projects, announcing new geothermal lease auctions in California and Idaho.
Geothermal Radar launches global platform to accelerate industrial geothermal projects
Geothermal Radar unveils an interactive mapping tool and global thermal model designed to support governments and companies in identifying and developing new geothermal sites internationally.
Geothermal investment jumps 85% driven by new technologies
North America registers record funding of $1.7 billion in the first quarter of 2025, driven by emerging innovative techniques exploiting previously inaccessible geothermal resources, according to recent analysis by Wood Mackenzie.
Kenya: Globeleq secures ATIDI guarantee for Menengai geothermal project
Globeleq and African Trade & Investment Development Insurance finalise a payment guarantee for the Menengai geothermal project (35 MW), securing financing ahead of its planned operational launch in Kenya.
Ignis Energy secures $13.6mn to accelerate global geothermal projects
Ignis Energy closes its $13.6mn Series A funding round, gathering international players to finance geothermal projects in the United States and Türkiye, now entering the technical maturity phase.
OMV launches seismic study to explore deep geothermal energy in Austria
Austrian oil group OMV announces a seismic campaign starting in December 2025 in the Graz region, aiming to identify potential deep geothermal reservoirs suitable for local energy production.
Saint-Nazaire selects Dalkia for its 90% renewable heating network
Saint-Nazaire Agglo and Dalkia officially sign a Public Service Delegation contract for a 37-kilometre urban heating network, primarily fuelled by thermal recovery and local biomass, operational from 2030.
Ormat acquires Blue Mountain geothermal power plant for USD 88mn
Ormat Technologies acquires the Blue Mountain geothermal power plant in Nevada from Cyrq Energy, enhancing its energy generation capacity to 1,268 MW, with potential expansion through technical upgrades planned in the short term.
Lumut Balai Unit 2 Geothermal Power Plant Synchronized with Indonesian Grid
Unit 2 of the Lumut Balai geothermal plant, with a capacity of 55 MW, has successfully synchronized to the Indonesian national grid, paving the way for full commercial operation scheduled by the end of June 2025.
New Mexico launches public investment plan to produce 163 GW of geothermal energy
A new report states that the US state could reach 163 GW of geothermal capacity through a set of public measures and expertise drawn from its oil sector.
Canada Growth Fund commits CA$138mn to Eavor Technologies
Eavor Technologies secures an additional CA$138mn from the Canada Growth Fund for its geothermal project in Germany, reinforcing its operational base in Canada.
Project InnerSpace launches roadmap to boost geothermal energy in Indonesia
Project InnerSpace and Indonesia's IESR join forces to accelerate national geothermal development, estimated at 3,000 GW, with a strategic report expected in the autumn.
Next-generation geothermal technologies gain global credibility
Advances in enhanced and closed-loop geothermal systems are drawing growing interest from governments and tech giants, despite critical cost reductions still needed for competitiveness.
Enertech and Dandelion launch 1,500 residential geothermal systems in the western United States
Enertech Global will supply heat pumps for a 1,500-home project in partnership with Dandelion Energy, marking one of the largest residential geothermal deployments ever undertaken in the United States.

Log in to read this article

You'll also have access to a selection of our best content.