CALGARY, Alberta, July 07, 2026 (GLOBE NEWSWIRE) - Eavor Technologies Inc. (Eavor), the geothermal technology company leveraging Alberta's drilling expertise to deliver scalable clean energy, has been awarded $8 million from the Government of Alberta's industry-supported Technology Innovation and Emissions Reduction (TIER) fund through Emissions Reduction Alberta (ERA)'s Drilling Technology Challenge.

The funding will support Eavor-Jules™, an approximately $83 million project to advance the company's core technology, the Eavor-Loop™. This advancement will enable access to higher-temperature, deeper geothermal resources, increasing energy output and improving economics for future Eavor-Loop deployments.

“Alberta's world-class drilling expertise is opening doors to new opportunities in geothermal energy. By supporting innovators like Eavor, we are building on the skills, technologies and entrepreneurial spirit that have made Alberta a global energy leader,” said Grant Hunter, Alberta's Minister of Environment and Protected Areas. “Projects like Eavor-Jules help attract investment, create jobs and position Alberta at the forefront of next-generation drilling and geothermal technologies.”

Matt Toews, Eavor's Chief Technology and Operating Officer, notes that Alberta expertise has contributed to drilling some of the most complex wells on the planet, and Eavor's work builds on that foundation.

“This support helps us advance ultra-deep drilling technology and the next evolution of our closed-loop system to reach superhot rock,” said Toews. “This has the potential to unlock scalable geothermal energy in regions where conventional geothermal resources are not available, supporting clean, secure, and affordable energy solutions around the world.”

Eavor's closed-loop geothermal system can be deployed virtually anywhere, as it does not require naturally occurring underground water or rock permeability. An Eavor-Loop is a long-term clean energy infrastructure asset that will not require future redrilling or a continuous water supply. The technology has been demonstrated at commercial scale in Geretsried, Germany.

"ERA has a long track record of supporting innovative technologies," said Mark Fitzgerald, President and Chief Executive Officer of Eavor. "We appreciate their continued confidence in Alberta companies and in the capabilities of our team. Support like this helps bridge the gap between breakthrough technologies and commercial deployment, accelerating innovations that can be developed in Alberta and deployed around the world.”

Today's announcement from ERA included $37 million in funding for 10 projects under the Drilling Technology Challenge.

Media inquiries:
Tracy Larsson | Manager, Communications
368-338-8154
tracy.larsson@eavor.com

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 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 Eavor.com.