Calgary green-tech firm ranks second globally
Eavor's geothermal innovation earns Time magazine recognition alongside Canadian competitor at top of world rankings.
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A Calgary company just landed on Time magazine's list of the world's top 250 green technology companies — and it came in second place globally.
Eavor, a geothermal energy firm, scored 96.37 out of 100 on Time's ranking, which assessed companies across three dimensions: positive environmental impact, innovation, and financial strength. Only one company ranked higher: General Fusion, another Canadian firm based elsewhere in the country.
Eavor develops a "closed-loop" geothermal system that circulates water through deep underground wells, heating it and bringing it back to the surface through a separate well. Unlike traditional geothermal energy, it doesn't depend on naturally occurring hot water or steam reservoirs. The company tested the technology in a German town, where it proved both technically viable and cost-competitive.
The Calgary firm has raised about $365.3 million in funding to scale the technology. While the U.S. dominated Time's full list with 54 per cent of the 250 companies, Canada claimed the top two spots — a significant achievement for both Eavor and the country's clean-energy sector.
Another Calgary company, Carbon Upcycling, also made the cut, ranking 138th with a score of 83.02.
It's a rare moment of global recognition for local innovation.