ESG Today writes that 2017-founded Eavor provides a solution called Eavor-Loop, which makes Earth's geothermal power more easily accessible and cost-effective. The closed-loop system implies using a liquid that runs through a network of passages that are drilled underground, as these are designed to continuously take geothermal power, using it to generate electricity.

With the new investment, Eavor officials say that they will continue to improve this technology and start deploying it to companies who wish to use it. Geothermal power has the advantage that it runs continuously, as opposed to solar or wind, which are intermittent renewable sources.

John Redfern, President & CEO of Eavor said that "...we advance the commerciality of our Eavor-Loop technology, beginning with our first full scale project already in construction at Geretsried in Germany."

OMV AG, Canada Growth Fund (CGF) and Japan Energy Fund are among the investors who participated in the 182 million USD round.