CALGARY, AB, Oct. 25, 2023 /CNW/ – Today, Canada Growth Fund Inc. (“CGF” or the “Canada Growth Fund”) announced a $90M investment in Calgary-based Eavor Technologies Inc. (“Eavor” or the “Company”), a Canadian geothermal energy company that has developed an innovative technology solution to produce clean, reliable baseload heat and power using a proprietary closed loop geothermal system (“Eavor-Loop™”). CGF’s investment will help maintain and support new permanent jobs in Alberta while ensuring that the majority of the Company’s workforce remains in Canada going forward.

CGF has a mandate to help transform and grow Canada’s economy at speed and scale on the path to net-zero. One pillar of this mandate is specifically to invest in Canadian clean technology businesses that are scaling technologies currently at the commercialization stage. Eavor is a Canadian-grown clean technology champion with the potential to transform power and heat markets worldwide. CGF is proud to support a Canadian company using Albertan expertise to help reduce global greenhouse gas (GHG) emissions.

CGF’s investment takes the form of a direct commitment of $90M of Series B preferred equity in Eavor, which will allow the Company to scale-up its business while retaining intellectual property and creating jobs in Canada.

This investment will accelerate the deployment of Eavor-Loop™, which leverages Canada’s talent and expertise to catalyze the next generation of global geothermal innovation. Eavor-Loop™ has the potential to significantly reduce GHG emissions globally and in Canada. Eavor’s growth will increase its employment footprint in Canada given that the engineering design work is completed from its corporate headquarters in downtown Calgary.  

CGF is seeking to bridge the liquidity gap observed in the Canadian clean technology market, offering support to companies at the critical stage of commercialization and scale-up. CGF’s inaugural investment serves as a testament to this dedication, underlining its commitment to catalyzing growth and innovation within the Canadian clean technology sector.

Further to the transaction, the Government of Canada and the Public Sector Pension Investment Board (“PSP Investments”) are pleased to provide an update to the market on the activities of the Canada Growth Fund.

“We created the Canada Growth Fund to build Canada’s clean economy and create great careers for Canadians from coast to coast to coast,” said the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance. “Today’s investment in Eavor—the Growth Fund’s first—will help to do exactly that, and it is an example of how our clean economy jobs plan is and will continue to deliver for people in Alberta and right across the country.”

“PSP Investments is proud to have been selected to serve as the investment manager for the Canada Growth Fund,” said Deborah K. Orida, President and CEO at PSP Investments. “We are delighted to bring PSP Investments’ rigorous investment process, depth of expertise, operational excellence and arm’s length governance model to the execution of CGF’s mandate.”

Canada Growth Fund Investment Management Inc. (“CGF Investment Management”), a wholly-owned subsidiary of PSP Investments that will be acting as CGF’s investment manager, announced its intention to appoint Patrick Charbonneau as its President and Chief Executive Officer.

“I am honoured to lead the Canada Growth Fund investment management team. CGF has an ambitious mandate to support economic development in Canada by attracting private investment in Canadian projects and technologies,” said Patrick Charbonneau, President and Chief Executive Officer at CGF Investment Management. “Today’s investment demonstrates our quick progress to market since beginning the mandate in June. We look forward to building more partnerships with great Canadian businesses across the country in the years ahead.”

CGF is a wholly-owned subsidiary of Canada Development Investment Corporation (“CDEV”).

“As a specialized advisor to the Government of Canada on complex financial mandates, and as the parent of CGF, CDEV is proud to contribute to Canada’s decarbonization initiatives to accelerate a clean economy through CGF and congratulates the CGF Investment Management team on this inaugural investment,” said Elizabeth Wademan, President and CEO of CDEV. “Engaging CGF Investment Management, a subsidiary of PSP Investments, to provide investment expertise at arm’s length from the government, will maximize outcomes for CGF, while CDEV, through the CGF Board, continues to ensure oversight and compliance.”

About Canada Growth Fund and its mandate:

CGF is a $15 billion arm’s length public investment vehicle that will help attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

CGF will make strategic investments to help Canada to meet the following national economic and climate policy goals:


reduce emissions and achieve Canada’s climate targets;


accelerate the deployment of key technologies, such as low-carbon hydrogen and carbon capture, utilization, and storage (CCUS);


scale-up companies that will create jobs, drive productivity and clean growth across new and traditional sectors of Canada’s industrial base;


encourage the retention of intellectual property in Canada; and


capitalize on Canada’s abundance of natural resources and strengthen critical supply chains to secure Canada’s future economic and environmental well-being.

Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found in the technical backgrounder published by Finance Canada. You may also visit

About PSP Investments

PSP Investments is one of Canada’s largest pension investment managers with $243.7 billion of net assets under management as at March 31, 2023. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London, and Hong Kong. For more information, visit or follow us on LinkedIn.

About CGF Investment Management

In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. CGF Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.

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Forward-Looking Information

Certain statements contained in this News Release constitute forward-looking statements or forward-looking information (collectively, “forward-looking information“). Forward-looking information relates to future events or future performance. All information other than statements of historical fact is forward-looking information.

While CGF believes the expectations and material factors and assumptions reflected in the forward-looking information contained herein are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. Forward-looking information is not a guarantee of future performance and actual results or events could differ materially from the expectations of CGF expressed in or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information is subject to a number of known and unknown risks and uncertainties.

Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted, or projected. Statements, including forward-looking information, are made as of the date of this News Release and CGF does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this News Release is expressly qualified by this cautionary statement.

SOURCE Canada Growth Fund Inc.

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