Eavor Geothermal: How the Closed Loop Works, Where Geretsried Stands, and the Stock Question

Conventional geothermal power requires access to a naturally occurring hot aquifer — hot water already sitting in rock permeable enough to give it up. Enhanced geothermal systems (EGS) remove that requirement by fracturing hot rock that lacks permeability, so that injected fluid can flow through it. Eavor Technologies, a Calgary company founded in 2017, is betting on a third approach that does neither. Seal the pipe, circulate a fluid inside it, and let the rock heat the pipe from the outside.

Can You Buy Eavor Stock?

No. From Eavor's own investor page: "Eavor Technologies Inc. is a private company." A private company has no publicly traded shares — there is no Eavor stock for a retail investor to buy. Any site showing an Eavor stock price is confusing it with something else.

The investors Eavor has announced — bp Ventures, Chevron Technology Ventures, Temasek and others — came in through private funding rounds, detailed in the funding section below.

If you want geothermal exposure you can actually act on, our guide to geothermal stocks and investing covers what is listed, what isn't, and the honest limits of the category. If it's the Fervo comparison that brought you here, we've broken down Fervo Energy's stock situation separately — a different company on a different technology. And for another private-company profile done the same way as this one, see Zanskar Geothermal.

What Eavor Is

In the company's own words:

"Eavor Technologies Inc. (pronounced "ev-er") is a global geothermal technology company headquartered in Calgary, Alberta. The firm was founded in 2017 with the goal of producing a scalable form of baseload, dispatchable energy."

— Eavor, company page

Baseload, dispatchable power is power that is there all the time and can be called on when needed.

Eavor's people page identifies the leadership. "Mark Fitzgerald is President and CEO at Eavor, leading the company on its mission to enable local clean energy autonomy, everywhere." The same page identifies Matt Toews as a co-founder: "As a co-founder of the company, Matt's leadership has played a pivotal role in building Eavor's core technical teams." Paul Cairns appears there as Chief Business Development Officer.

Eavor's live pages do not publish a complete founder list, so this profile does not print one. Toews is the executive identified there as a co-founder.

How the Eavor-Loop Works

Eavor's core product is the Eavor-Loop. The company's description:

"The Eavor-Loop™ is a closed-loop geothermal system, drilled into the Earth with a series of multilateral wellbores. A proprietary working fluid is contained and circulated in the system which retrieves heat from the surrounding rock via conduction."

— Eavor, technology page

Contained. The working fluid never touches the formation. It is not groundwater, and it is not injected into the rock. Eavor again: "The working fluid is not fluid from a reservoir flowing into our wells, it is a fluid added to the Eavor-Loop™ to create an efficient reverse radiator." A car's radiator carries its own sealed coolant through hot surroundings; the Eavor-Loop is that, buried kilometers down and run in reverse — collecting heat instead of shedding it.

Conduction. Heat crosses from the rock into the sealed pipe the way heat travels up a pan handle — through solid contact, no fluid moving between rock and well. That is the physical mechanism that lets the system work without an aquifer and without fracturing anything.

The loop also moves its own fluid. Eavor's materials describe a thermosiphon effect — circulation driven by the temperature difference between the hot and cold sides of the loop — so the system runs without a continuously running pump. Eavor reports its Alberta demonstration site operating that way since December 2019, covered below.

Closed Loop vs. EGS vs. Conventional Geothermal

Three technology classes, one deciding question: what does the system need from the rock, and does fluid pass between the well and the formation?

Eavor draws this line itself: "Traditional geothermal and Enhanced Geothermal Systems (EGS) typically use convection methods, and this requires either direct access to hot aquifers or fracking to increase permeability of rock."

The EGS column is the category Fervo works in — fracturing rock to create permeability, covered in depth in our enhanced geothermal systems explainer. The two get conflated because both drill deep into hot rock; the fluid-exchange column is the boundary. An EGS well exchanges fluid with the formation; an Eavor-Loop is sealed off from it.

Whether conduction alone can move heat at commercial rates is the part not yet proven. Geretsried is where it is being tested.

Geretsried: One Loop of Four

Geretsried, in Bavaria, Germany, is Eavor's first commercial project. Two numbers are attached to it, both from Eavor, and they describe different things.

When drilling began, Eavor described the full build-out: "In total, Eavor is drilling four Eavor-Loops™ at the location. Together, they will generate approximately 64 MW of thermal power and 8.2 MW of electrical power, respectively." Four loops, 64 MWth, 8.2 MWe — future tense, nameplate for a finished project.

On December 4, 2025, Eavor announced that it "has officially begun delivering power to the German grid from its facility at Geretsried." The same release describes what has commenced as "partial commercial operation". Partial is Eavor's own word.

Eavor's technical update of May 21, 2026: "The production from Loop #1 is currently around 8.5 MWth which is exactly as expected. Recall the original nameplate capacity of the project was 64 MWth for four Eavor-Loops."

As of that May 2026 update, Geretsried is one built loop of four, delivering power and producing about 8.5 MWth. The 64 MWth stays a design figure until the other three loops exist.

The Rest of the Track Record

Eavor-Lite — Sylvan Lake, Alberta

Eavor's demonstration project. Per the company's report, "The project is located near Sylvan Lake, Alberta, Canada and consists of two 1.7 km long multilateral horizontal wellbores connecting two 2.4 km deep vertical wellbores." The same report states the system has been "operating consistently on thermosiphon mode (i.e. no pumping required) since December 4, 2019."

Eavor-Deep — New Mexico

Eavor's account: "Eavor-Deep reached depths of 18,000 feet and temperatures of around 250℃." Depth and temperature are what the sources reviewed here establish about the project; beyond them the public record is thin.

Hanover, Germany

A second German city appears in the record as an agreement rather than a project: enercity and Eavor announced a heat supply agreement, under the heading "CO2-free deep geothermal energy in Hanover: enercity and Eavor conclude heat supply agreement." Beyond the agreement itself, few details are public.

The Funding Picture

Eavor's announced rounds are verifiable. Its total is not.

The 2023 first close, per the announcement: "OMV AG ("OMV") leads the round with a €34 million (C$50mm) investment and has entered into a commercial agreement with Eavor."

A third figure circulates: a 2021 Oil & Gas Journal report stating, "In total, including all the recent rounds and funding grants, Eavor has raised close to CAD$100 million." That figure predates the 2023 Series B entirely and cannot describe the company today.

So how much has Eavor raised in total? No current, reconciled figure is public. The announced pieces span different years, currencies, and instruments (including a converted debenture), and nothing public reconciles them; any sum would be an invention. If a startup database hands you an Eavor total, check what it summed before you repeat it.

Frequently Asked Questions

Can I buy Eavor stock? No. Eavor's investor page states it directly: "Eavor Technologies Inc. is a private company." A private company has no publicly traded shares, so there is nothing for a retail investor to buy.

Is Eavor's technology the same as Fervo's? No, and the difference is fundamental. Enhanced geothermal systems — the category Fervo works in — fracture rock to create permeability, and fluid is exchanged with the formation. Eavor's loop is sealed — no fluid is exchanged with the rock, and heat enters the working fluid by conduction through the pipe. Our EGS explainer covers Fervo's side of that line in detail.

Where is Eavor based, and who runs it? Eavor Technologies Inc. is headquartered in Calgary, Alberta, and was founded in 2017, per the company's own pages. Mark Fitzgerald is President and CEO; Matt Toews is identified on the company's people page as a co-founder; Paul Cairns is Chief Business Development Officer.

Is the Geretsried plant finished? No. It began delivering power to the German grid on December 4, 2025, in what Eavor calls partial commercial operation. As of the company's May 2026 technical update, Loop 1 was producing around 8.5 MWth — output Eavor describes as exactly as expected for one loop — against an original nameplate of 64 MWth and 8.2 MWe for the full four-loop project.

How much money has Eavor raised? The announced rounds: a USD$40 million (CAD$50.7 million) round in 2021, and a 2023 Series B first close led by OMV with a €34 million (C$50mm) investment, in which Chubu Electric Power also converted its debenture. A 2021 report put the total then at close to CAD$100 million — but that predates the 2023 round, and no current reconciled total is public.

The Bottom Line

Eavor occupies a different technology class from either alternative. Conventional geothermal finds its heat exchanger in nature; EGS manufactures one by fracturing rock; Eavor seals a loop of pipe in hot rock and lets conduction do the work, with a thermosiphon moving the fluid. So far that has produced a sealed loop circulating pump-free in Alberta since December 2019, a New Mexico well to 18,000 feet and around 250℃, a heat supply agreement in Hanover, and Geretsried delivering power to the German grid beginning December 2025.

Missing from the picture: three of Geretsried's four loops (8.5 MWth as of May 2026, against the 64 MWth nameplate), a reconciled funding total, and any way for the public to buy in. Whether a conduction-only system can scale to its full nameplate is the open question, and Geretsried is where it gets answered.