CALGARY, Albe ta, July 07, 2026 (GLOBE NEWSWIRE) — Eavo Tech ologies I c. (Eavo ), the geothe mal tech ology compa y leve agi g Albe ta’s d illi g expe tise to delive scalable clea e e gy, has bee awa ded $8 millio f om the Gove me t of Albe ta’s i dust y-suppo ted Tech ology I ovatio a d Emissio s Reductio (TIER) fu d th ough Emissio s Reductio Albe ta (ERA)’s D illi g Tech ology Challe ge.
The fu di g will suppo t Eavo -Jules™, a app oximately $83 millio p oject to adva ce the compa y’s co e tech ology, the Eavo -Loop™. This adva ceme t will e able access to highe -tempe atu e, deepe geothe mal esou ces, i c easi g e e gy output a d imp ovi g eco omics fo futu e Eavo -Loop deployme ts.
“Albe ta’s wo ld-class d illi g expe tise is ope i g doo s to ew oppo tu ities i geothe mal e e gy. By suppo ti g i ovato s like Eavo , we a e buildi g o the skills, tech ologies a d e t ep e eu ial spi it that have made Albe ta a global e e gy leade ,” said G a t Hu te , Albe ta’s Mi iste of E vi o me t a d P otected A eas. “P ojects like Eavo -Jules help att act i vestme t, c eate jobs a d positio Albe ta at the fo ef o t of ext-ge e atio d illi g a d geothe mal tech ologies.”
Matt Toews, Eavo ’s Chief Tech ology a d Ope ati g Office , otes that Albe ta expe tise has co t ibuted to d illi g some of the most complex wells o the pla et, a d Eavo ’s wo k builds o that fou datio .
“This suppo t helps us adva ce ult a-deep d illi g tech ology a d the ext evolutio of ou closed-loop system to each supe hot ock,” said Toews. “This has the pote tial to u lock scalable geothe mal e e gy i egio s whe e co ve tio al geothe mal esou ces a e ot available, suppo ti g clea , secu e, a d affo dable e e gy solutio s a ou d the wo ld.”
Eavo ‘s closed-loop geothe mal system ca be deployed vi tually a ywhe e, as it does ot equi e atu ally occu i g u de g ou d wate o ock pe meability. A Eavo -Loop is a lo g-te m clea e e gy i f ast uctu e asset that will ot equi e futu e ed illi g o a co ti uous wate supply. The tech ology has bee demo st ated at comme cial scale i Ge ets ied, Ge ma y.
“ERA has a lo g t ack eco d of suppo ti g i ovative tech ologies,” said Ma k Fitzge ald, P eside t a d Chief Executive Office of Eavo . “We app eciate thei co ti ued co fide ce i Albe ta compa ies a d i the capabilities of ou team. Suppo t like this helps b idge the gap betwee b eakth ough tech ologies a d comme cial deployme t, accele ati g i ovatio s that ca be developed i Albe ta a d deployed a ou d the wo ld.”
Today’s a ou ceme t f om ERA i cluded $37 millio i fu di g fo 10 p ojects u de the D illi g Tech ology Challe ge.