Follow-on investments from Eavor's existing partners include bp Ventures, Eversource Energy and Vickers Venture Partners. Concurrently with the raise, Chubu Electric Power has converted its debenture.

The commercial agreement establishes OMV as a key partner with preferred licensing terms, access to services and development support. As a key partner, OMV will be focused initially on the deployment of Eavor-Loop in Austria, Romania, and Germany.

The European heat market is a primary focus for Eavor

Berislav Gaso, OMV executive vice president for Energy, said: "We are excited about the partnership with Eavor and look forward to apply this next-generation geothermal energy technology to reach our green energy goals."

John Redfern, president, CEO and co-founder at Eavor, said: "We have been working with OMV for over a year on this partnership and continue to be impressed by their technical expertise and dedication to the energy transition. We look forward to building on this foundation with OMV, to deliver true energy independence, security and autonomy to Europe."

Eavor, with its project partners, will begin drilling operations at the Eavor-Europe site near Geretsried, Bavaria, Germany this summer. The project is the world's first commercial implementation of an Eavor-Loop, a showpiece of the zero-emissions heat and power production capabilities of next-generation geothermal.

Robert Winsloe EVP / origination at Eavor, added: "The European heat market is a primary focus for Eavor, starting with our projects in Geretsried and Hannover. The agreement with OMV will supercharge the commercialisation of Eavor-Loop and the full decarbonization of district heating and cooling in Europe and beyond."

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