OMV today announced the acquisition of a 6.5% stake in Canadian privately-owned Eavor Technologies Inc. (“Eavor”) for the amount of EUR 34 million. Eavor is the leading closed-loop geothermal energy solution developer worldwide. In addition, OMV and Eavor have entered into a commercial agreement to pursue large-scale deployments of Eavor-Loop technology in Europe and beyond.

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

Eavor’s technology is based on a closed loop system, installed in deep subsurface rock. Thereby, a working fluid is circulated between surface and deep subsurface rock in a closed loop and therefore heated up. The technology reduces the geological and hence operational risk significantly compared to normal hydrothermal systems with similar energy output. As Eavor Loop is truly scalable and applicable in various types of geological structures, it will enable OMV to offer heat solutions for district heating networks outside of the normal hydrothermal areas and therefore complement its existing portfolio of hydrothermal projects.

Berislav Gaso, OMV Executive Vice President for Energy, said, “We are excited about the partnership with Eavor and look forward to applying this next-generation geothermal energy technology to reach our green energy goals”

John Redfern, President, CEO and Co-Founder at Eavor, stated, “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”