*Revolutionary Project Signals a New Era for Geothermal Energy*

CALGARY, Alberta, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Calgary-based Eavor Technologies has positioned itself as a global leader in scalable geothermal with the first commercial project of its kind in the world. Eavor has officially begun delivering power to the German grid from its facility at Geretsried, celebrating a historic milestone for geothermal and for Eavor’s technology -- the Eavor-Loop™.

“We are proud to announce the successful delivery of the world’s first electrons generated from closed-loop multilateral wells,” said Mark Fitzgerald, President and CEO of Eavor. “With Geretsried now on-stream, we’re more confident than ever that our closed-loop geothermal system, designed for adaptability and suited to the world’s diverse regions, will secure its place as the leading solution for commercial geothermal applications.”

Aerial view of Eavor's geothermal facility at Geretsried, Germany

This milestone proves that 24/7, clean heat and power are possible through Eavor’s geothermal technology. Eavor’s closed-loop system is suitable across a wide range of geologies. It does not require future redrilling, water sourcing or treatment, resulting in minimal maintenance and operating costs compared to other geothermal technologies over project lifetimes.

“The technological and commercial success at Geretsried validates the project as a blueprint for wider European and global rollout as regions seek stable, locally derived carbon-free energy sources with minimal land and water usage,” said Fabricio Cesário, Head of Project Delivery and Operations, Eavor GmbH. “We are especially grateful to our project partners for their confidence and early investment which were instrumental in pushing the first of a kind learning phase and advancing the project maturation.”

This achievement is just the beginning of Eavor’s journey to scale its geothermal technology and shape the future of clean energy. Building on the insights gained from Geretsried, Eavor is committed to advancing development in the region and expanding its global portfolio. With innovation at its core, Eavor remains focused on its mission of enabling reliable, sustainable geothermal energy everywhere.

Additional Quotes:

Yannick Beaudoin, President and Chief Executive Officer, Canada Growth Fund Investment Management Inc. (CGFIM):
“Eavor’s achievement at Geretsried represents a landmark moment for Canadian clean technology innovation and leadership. Canada Growth Fund (CGF) is proud to support a Canadian champion as it advances toward broader commercial deployment, reflecting our mandate to support Canadian technologies through first commercialization and strengthen Canadian competitiveness, including participation in the emerging energy sector.”

Nicola Beer, European Investment Bank Vice President:
“In Geretsried, we see more than a technological first. This is a European success story in action. The first commercial Eavor-Loop plant shows that geothermal energy can be scaled up to deliver affordable, clean and reliable heat and power to households and businesses – day and night, in every season. It cuts emissions and strengthens energy security. Eavor’s milestone proves what Europe can achieve when innovators, the European Investment Bank and partners join forces. With support from our InvestEU-guaranteed loan of nearly €45 million, the EU Innovation Fund grant and leading European and global banks, this pioneering project turns cutting-edge geothermal technology into reality. It accelerates the clean energy innovation Europe needs to stay competitive and reach climate neutrality.”

Berislav Gaso, OMV Executive Vice President Energy: 
“OMV congratulates Eavor on the world’s first commercial Eavor-Loop™ facility, proving closed-loop technology and opening new opportunities for sustainable energy supply. As Eavor’s project partner, OMV contributed substantial operational know-how, with our subsurface, drilling, and project execution experts working closely with Eavor over the past year to enhance the performance envelope and ensure the successful delivery of Loop 1. The insights gained from this next generation of geothermal solutions strengthen OMV’s extensive expertise in geothermal energy. For us, this is a vital part of the energy mix—harnessing Earth’s heat to deliver clean energy, cut emissions, and support cities in achieving their climate targets. With our Strategy 2030 OMV is committed to re-inventing the future of energy.”

Hiroki Sato, Division CEO of Global Business of CHUBU:
“We are delighted that partial commercial operation has finally commenced at Geretsried. While this may appear to be a modest step for geothermal development, it represents a significant milestone for the energy industry and our planet as well. This achievement demonstrates the potential of next-generation closed-loop geothermal technology to transform the global energy landscape. CHUBU is committed to supporting the continued growth of this project and the further advancement of the Eavor-Loop technology. Together with our project partners—Eavor and OMV—we look forward to deepening collaboration and driving innovation as we move forward on this transformative journey toward a decarbonized future.” 

Supporting Information:

• The Eavor-Loop at Geretsried involved drilling two vertical wells and sidetracking six horizontal wells from each (a total of 12 lateral wells). The laterals were connected toe to toe underground with the help of Eavor’s active magnetic ranging tool (AMR), creating six pairs to form a massive subsurface radiator.
• These wells represent some of the longest in the world, at a length of 16 kilometres of continuous wellbore per pair.
   

Media inquiries:
Tracy Larsson
Senior Communications Specialist
368-338-8154
tracy.larsson@eavor.com

About Eavor Technologies Inc.
Eavor (pronounced “Ever”) is a next-generation geothermal technology company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean, dispatchable, baseload capable, and flexible heat and power. Eavor achieves this by mitigating or eliminating many of the issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign working fluid that is completely isolated from the environment in a closed loop, through a massive subsurface radiator. This radiator simply collects heat from the natural geothermal gradient of the Earth via conduction. Eavor has been supported by equity investments made by several leading global energy producers, investors, developers, and venture capital funds including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Temasek, BHP Ventures, OMV, Canada Growth Fund, Kajima Corporation, and Microsoft Climate Innovation Fund. Learn more at Eavor.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3442433b-4c49-494b-8476-e8bda75e5ae4