Geothermal firm Eavor attracts Japan’s Kajima as backer

Japanese construction company Kajima Corporation (TYO:1812) has agreed to make a direct investment into Eavor Technologies Inc with the fresh capital to strengthen the Canadian geothermal power firm's balance sheet, enable growth and advance the deployment of its technology across various sectors.

Eavor is a developer of a globally scalable geothermal closed-loop technology using a massive underground radiator. Its system circulates liquids through a network of underground drilled passages, collecting heat from the natural geothermal gradient of the Earth via conduction before returning to the surface.

The Alberta-based firm counts among its backers, OMV, bp Ventures, Chubu Electric Power, Temasek and BHP Ventures.

The deal with Kajima marks the third major investment in Eavor by a Japanese entity, according to a statement published Tuesday. Its financial details were kept under wraps.

The bet comes as part of Kajima’s push to further its position as a leader in the energy transition in Japan and advances its Environmental Vision: Triple Zero 2050 strategy.

“We’re very excited for the opportunity to grow and maintain a strong relationship with Kajima, this is fundamental to a long-lasting partnership and the growth of Eavor in Japan,” Eavor’s CEO John Redfern said.

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