Germany: EIB and EU Innovation Fund support Eavor’s innovative geothermal technology in Bavaria
The European Investment Bank (EIB) is providing a loan of close to €45 million for an innovative geothermal heating project Eavor-LoopTM in the German state of Bavaria. Canada-based Eavor will implement its closed loop geothermal technology for the first time at commercial scale in the Bavarian town of Geretsried. In contrast to conventional geothermal heating, the Eavor-LoopTM technology does not capture heat from subsurface water or steam reservoirs. Instead, the company drills deeply into the earth and harvests the heat directly from underground rocks.