NUMBER 2 ON TIME'S WORLD'S TOP GREENTECH COMPANIES 2026 LIST

Eavor Technologies Calgary-based geothermal tech company is second out of 250 companies world-wide

 "We’re proud to be recognized by TIME as one of the top five GreenTech companies globally. This recognition reflects the progress we’re making as we advance our closed-loop geothermal system, build strong partnerships, and expand into new markets. I’ve worked in regions where access to energy is not guaranteed. That experience has shaped my perspective, and I see how geothermal can provide reliable, locally produced energy in places that have historically lacked that option.”

-- Mark Fitzgerald, President & CEO of Eavor

WATERTODAY caught up with Mark Fitzgerald to learn more about Eavor's rapid rise to global recognition since we first introduced our viewers to the Calgary start-up in 2020

Mark’s journey to Eavor spans over 30 years in the oil and gas industry, where he worked with multiple international companies and most recently oversaw the global energy business for a Fortune 500 international oil company. Working in diverse regions throughout his career — including South Sudan, Myanmar, and Iraq — Mark saw the realities of energy security, growing global energy demand, and energy poverty. These experiences fueled his passion for reliable, sustainable, and cost-effective energy systems, which eventually drew his attention to the unique benefits of geothermal energy. He was impressed with Eavor’s closed-loop technology; a unique, competitive, and highly scalable solution capable of delivering clean, local, reliable energy anywhere in the world.

WT: Please give us an overview of Eavor, the Company mission, and a bit about the Team talent.

 Fitzgerald: Eavor is a next-generation geothermal technology company led by a team dedicated to creating a clean, reliable, and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop®) represents the world’s first truly scalable form of clean, dispatchable, baseload capable, and flexible heat and power. Eavor achieves this by mitigating or eliminating many of the challenges that have limited traditional geothermal energy. The Eavor-Loop system does not require an underground aquifer or permeability, does not use fracking, does not need a continuous water supply, and will not require future redrilling to produce energy for decades. It is long term energy infrastructure asset.

When it comes to drilling, engineering, and subsurface expertise, Alberta has world-class talent and proven experience. Eavor’s technology builds on that expertise from the oil and gas industry which is directly relevant to geothermal application. Eavor has an amazing team who has reimagined oil and gas methodologies for the use in the geothermal industry. They have provided the geological insight, innovative problem-solving, and cross-disciplinary coordination needed to take our first of a kind geothermal project in Geretsried, Germany, from concept to reality.

WT: Congratulations on being named No. 2 among 250 companies on TIME's World's Top Green Companies 2026 List! What has this meant for Eavor? Can you describe the role of Geothermal in the Global energy picture?

 Fitzgerald: Taking the number two spot on TIME’s list of the world’s top greentech companies is an incredible honor for us. It’s an indication not only that geothermal is expanding across globe, but a nod to role of our closed-loop technology in the future energy mix.

As for geothermal's role in the bigger picture, we are at a critical juncture. The global power market is growing exponentially, largely driven by widespread electrification and the massive energy demands of AI and data centres. Hyperscalers have made significant commitments to net zero targets, but their clean baseload and firm generation options are limited. Our geothermal system offers that solution – a 24/7 power source with low emissions, low water use, and a small footprint.

WT: How does the basic technology work? What is the Eavor-Loop? What is it capable of?

 Fitzgerald: The Eavor-Loopis a source of carbon-free, always on, baseload power that can be built anywhere.

 To construct an Eavor-Loop, we drill two vertical wells several kilometres deep underground, then turn our drills horizontally to create a web of parallel lateral wells before connecting them underground and sealing them off. This forms a completely closed loop that is entirely isolated from the surrounding environment.

From there, we fill the system with a working fluid — essentially water — and the intense heat from beneath the Earth’s surface heats the water to a point where it can be used to heat people’s homes or generate electricity when brought to the surface. That water re-circulates on its own within the closed system and does not require a pump to keep operating. Because of a natural physical phenomenon called the thermosiphon effect, the hot fluid naturally rises up the outlet well while the cooler fluid sinks back down the inlet well.

WT: What are the advantages of geothermal compared to other energy sources?

 Fitzgerald: Geothermal doesn't care if it's raining, snowing, or dark outside. It simply uses the heat beneath our feet. It's available around the clock and provides reliability and energy security with a clean, local energy source.

An Eavor-Loop system is uniquely dispatchable. This means it can rapidly ramp its output up or down to fill sudden gaps in the grid or match changing consumer habits. And because the vast majority of geothermal infrastructure is hidden underground, it has a minimal surface footprint, opening it up to locations where larger infrastructure would not be possible.

The Eavor-Loop system is capable of producing heat (i.e. to provide heat to a district heating network which is common in parts of Europe),or to generate electricity via an Organic Rankine Cycle (ORC) which is a thermodynamic process that converts heat into electricity using an organic working fluid.

We see a clear path to deploying scalable, affordable geothermal anywhere – and Eavor continues to advance its technology to make that a reality.

WT: WATERTODAY has been following your story since 2020

 Fitzgerald: Eavor has positioned itself as a global leader in closed-loop geothermal with a first of a kind project in Geretsried, Germany. In December 2025, we officially delivered power to the German grid from Geretsried project – a milestone demonstrating the technology works as designed, at scale. The project also demonstrated the learning curve inherent with a first of a kind project of this nature, showing how continued improvements were able to significantly reduce costs and time throughout construction.

In October of 2025, we presented a detailed white paper at the Geothermal Rising Conference in Reno detailing operational breakthroughs and technological innovations achieved during our drilling in Geretsried. The paper presents our novel technologies, including Insulated Drill Pipe (IDP), Eavor-Link™ Active Magnetic Ranging (AMR), and Rock-Pipe™ sealant. Other key performance highlights include a 50% reduction in drilling time per lateral and 3x improvement in bit run lengths, thanks to iterative designs and operational improvements.

This recognition by TIME reflects the progress we’re making as we advance our closed-loop system and geothermal expands into new markets.

Just this month, Eavor was awarded $8 million from the Government of Alberta’s industry-supported Technology Innovation and Emissions Reduction (TIER) fund through Emissions Reduction Alberta and the Drilling Technology Challenge. The funding will support Eavor-Jules™, an approximately $83 million project to advance our core technology, the Eavor-Loop. This advancement will enable access to higher-temperature, deeper geothermal resources, increasing energy output and improving economics for future Eavor-Loop deployments.

WT: Moving forward, what's next? What is the Eavor vision?

Fitzgerald: Key to our business strategy and market expansion are partnerships that will accelerate the development and deployment of our technology. We are working with and growing our network of partners around the world. Eavor will also continue to focus on technology advancement and innovation, access to higher-temperature, deeper geothermal resources. Advancing the technology opens up markets around the world where geothermal would not otherwise be a viable option, and drives us on our road to providing geothermal anywhere.