Geothermal finds footing in the energy market with Temasek-backed technology

CANADA-BASED geothermal technology company Eavor Technologies has raised over C$100 million (S$106 million) from investors globally, including Temasek, Vickers Venture Partners, and the venture arms of oil majors BP and Chevron.

"Singapore has the highest chunk of our equity of any country," said Eavor's president and chief executive officer John Redfern, referring to the combined stakes of Vickers (20 per cent) and Temasek (8 per cent).

Why the vested interest in geothermal energy? Historically, geothermal has been regarded as a form of niche renewable energy due to its cost and practical challenges.