Latest news with #JohnRedfern
Associated Press
a day ago
- Business
- Associated Press
Eavor Announces Leadership Transition: John Redfern to Step Down as CEO
CALGARY, Alberta, June 27, 2025 (GLOBE NEWSWIRE) -- Eavor Technologies Inc., a leader in next generation geothermal technology, today announced that John Redfern will be stepping down as Chief Executive Officer for personal reasons. Redfern, as an eight-year company veteran and co-founder, will continue his association with the company in a strategic advisory role. As CEO, Redfern has led the company from inception through numerous major accomplishments, including raising over half a billion in equity, overseeing first of a kind technology development through several demonstrations globally, and driving the team to its first commercial project in Geretsried, Germany which is scheduled to come on stream later this year. 'I am immensely proud of all my colleagues at Eavor and what they've accomplished,' said Redfern. 'We've gone from having this initially counter-intuitive idea for a closed-loop geothermal system, to now implementing the technology on a commercial-scale. It has been a privilege to be part of such an extraordinary team and its mission. You can be certain I will continue to support the Eavor team in any way I can as it embarks on this next stage of its journey and again redefines what is possible.' In the interim, Robert Winsloe, currently serving as EVP Origination, will assume the role of CEO while the company conducts its search for a permanent successor. Winsloe has been with Eavor for eight years, demonstrating exceptional leadership and strategic vision, making him well-positioned to guide the organization during this transitional period. 'We are grateful for John's leadership and dedication to Eavor,' said Doug Beach, Chair of the Board. 'John's vision has been instrumental in driving our success, and we are pleased he will continue his work with us in an advisory role. As we begin the search for our next CEO, we are confident that Robert will provide the requisite leadership and stability.' Winsloe, one of Eavor's co-founders and the architect behind Eavor's market development strategy and the pipeline of Eavor-Loop™ projects around the world, also expressed his appreciation for Redfern's significant contribution and the opportunity to step in as CEO: 'I would like to thank John for his visionary leadership and dedication to Eavor in bringing us to within touching distance of first power at our commercial project in Germany. It's an exciting time to step into the role and lead our incredibly talented team as we continue to focus on our long-held mission of making geothermal power development possible at scale, everywhere.' Additional Information For media inquiries, please contact: Tracy Larsson Senior Communications Specialist 368-338-8154 [email protected] 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
Cision Canada
03-06-2025
- Business
- Cision Canada
Canada Growth Fund announces additional investment in Eavor Technologies, a Calgary-based advanced geothermal technology company Français
CALGARY, AB, June 3, 2025 /CNW/ - Canada Growth Fund Inc. (" CGF") and Eavor Technologies Inc. (" Eavor" or the " Company") announced today a financing commitment by CGF of up to ~C$138 million to accelerate the development and commercial deployment of Eavor's geothermal technology. Founded in 2017, Eavor is an advanced geothermal technology company based in Calgary, Alberta. Eavor has proven pilot versions of its proprietary closed-loop geothermal system (" Eavor-Loop™") and a first commercial project is under construction in Geretsried, Germany. In connection with the transaction, CGF executed a definitive agreement committing it to invest up to ~C$138 million: ~C$89 million on financial close and ~C$48 million upon the achievement of certain milestones. Eavor-Loop™ leverages Canada's talent and expertise to build the next generation of geothermal innovation. CGF first invested C$90 million in Eavor in October 2023, through a direct commitment in its Series B preferred equity fundraise. Since CGF's initial investment, Eavor has progressed construction of its first commercial-scale facility in Geretsried and achieved major milestones including successfully intersecting wells using its new Eavor-Link™ Active Magnetic Ranging (" AMR") system; deploying its proprietary insulated drill pipe to enable well construction in high-temperature environments; setting, sidetracking, and retrieving whipstocks to drill deep multilateral wells; and implementing its proprietary Rock-Pipe™ technology to seal the multilateral wells. CGF's scaling capital will continue to facilitate the Company's Canadian presence by ensuring the majority of its leadership and employee base remain in Canada and leverage Canada's drilling knowledge and know-how to catalyze the next generation of global geothermal innovation. Eavor's continued growth will secure its innovation and employment footprint in Canada at its Calgary, Alberta headquarters. "Our continued investment in Eavor, as the company completes the first commercial-scale application of its technology, is a prime example of CGF's steadfast commitment to scaling up Canadian companies and investing at a critical stage of their development," said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc. (" CGFIM"). "CGF was established to drive innovation and competitiveness across new and traditional sectors of Canada's industrial base, and Eavor is well aligned with our mandate." "We are grateful for CGF's continued commitment to our Canadian company, which uses Albertan expertise to drive innovation in the development of new advanced geothermal technologies," said John Redfern, Co-Founder and CEO of Eavor. "Eavor has achieved significant development and technical milestones in scaling clean, reliable, dispatchable heat and power using its proprietary closed loop geothermal system, and we look forward to building on this progress in the months ahead." CGF has announced 13 investments since its launch in June 2023 and has committed approximately $2.7 billion to Canadian projects and companies. It has a mandate to invest in Canadian clean technology businesses that are scaling innovative technologies at the demonstration or commercialization stages of development. About the Canada Growth Fund CGF is a $15 billion arm's length investment vehicle that helps attract private capital to build Canada's clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in efficient low carbon projects, technologies, businesses, and supply chains. Further information on CGF's mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on For CGF's Media relations, contact [email protected]. In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly-owned subsidiary, would act as the asset manager for CGF. CGFIM has been incorporated to act as the independent and exclusive asset manager for CGF. About Eavor Technologies Inc. Eavor (pronounced "Ever") is a technology-based energy 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 For Eavor's Media Relations, contact [email protected]. Advisors Davies Ward Phillips & Vineberg LLP acted as legal advisor to CGF and CGFIM in connection with CGF's investment. Morgan Stanley & Co. LLC and National Bank Financial Inc. acted as placement agents to Eavor and DS Lawyers Canada LLP acted as legal advisor to Eavor. A&O Shearman acted as counsel to the placement agents. Disclaimer This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
