Leyton is an international consulting firm that helps businesses leverage financial incentives to accelerate their growth and achieve long-lasting performance.
We’re proud to announce that the Leyton Groupwas able to help secure a groundbreaking €91.6 million grant from the European Innovation Fund (EIF) for Eavor Technologies Inc.
This significant investment serves as a testament to Eavor’s commitment to revolutionizing clean energy with its cutting-edge Eavor-Loop™ technology. The project, located in Bavaria near Geretsried, Germany, is set to redefine the landscape of geothermal energy and foster sustainability on a global scale.
About Eavor’s project:
Eavor-Loop™, the focal point of the Eavor-Europe™ geothermal project, stands as the world’s first commercial implementation of a closed-loop geothermal system. This innovative technology showcases the prowess of zero-emissions heat and power production, positioning itself as a beacon for global energy security and autonomy. The project started in June 2021 and the first significant phase was completed by October 2022, marking a pivotal moment in the advancement of geothermal energy.
The Eavor-Loop™ project is poised to deliver a clean baseload energy solution, contributing to the avoidance of approximately 44,000 tons of CO2 emissions annually. With the capacity to power around 20,000 homes, the project also promises to generate up to 600 person-years of employment in drilling services, power plant construction, and infrastructure development during the construction phase.
About Eavor Technologies:
Eavor Technologies Inc. is a technology-based energy company founded in 2017 in Alberta, Canada. Eavor’s ambitious project is currently leading the charge in creating a clean, reliable, and affordable energy future worldwide. Eavor’s groundbreaking Eavor-Loop™ technology eliminates barriers to geothermal energy by utilizing a closed-loop system that collects heat from the Earth’s natural geothermal gradient via conduction. This innovative approach ensures a sustainable and scalable source of clean, dispatchable, and flexible power.
John Redfern, President, CEO, and Co-Founder at Eavor Technologies Inc., expressed his gratitude to the European Commission, stating, “We at Eavor are humbled to be included in the EIF program alongside so many prestigious European multinationals.” Redfern envisions Eavor-Loop™ as the catalyst for the widespread adoption of scalable green baseload energy, addressing Europe’s challenges of Climate Change and Energy Autonomy.
About Eavor’s Experience with Leyton:
At Leyton, our experience and expertise played a crucial role in helping to secure this substantial grant. To achieve these incredible results, the collaboration spanned three Leyton countries – Canada, Belgium, and Morocco. This collaboration also involved multiple organizations, both in Germany and Canada.
The collaboration process was smooth, with everyone working on the same platform. Tasks were divided as efficiently as possible, providing the client with the best advice, and several iterations to ensure accurate submission of the request.
Through our team’s effort, we facilitated Eavor’s access to the European Innovation Fund (EIF) program, enabling the realization of this large-sum grant and this groundbreaking geothermal project.
About the European Innovation Fund:
The European Innovation Fund stands as one of the globe’s most extensive funding initiatives dedicated to showcasing groundbreaking low-carbon technologies, actively contributing to the reduction of greenhouse gas emissions.
Available to projects across all EU Member States, as well as Norway and Iceland, the European Innovation Fund offers comprehensive support to initiatives aiming to advance the frontiers of sustainable and low-carbon technologies.
With a deliberate emphasis on highly innovative technologies and impactful flagship projects that enhance European value, the European Innovation Fund is geared towards achieving substantial emission reductions.
Key Takeaways
As the Eavor-Europe™ project unfolds, it promises to be a milestone in the journey towards sustainable energy, driven by innovation, and international collaboration.
It is through Eavor Technologies Inc.’s unwavering trust in Leyton that we’re able to help pave the way for a greener, more sustainable future.
We are grateful for the opportunity to contribute to the success of innovators, like Eavor Technologies Inc., and are looking forward to replicating and growing upon these results with existing and future clients.
