Eavor Applauds Bipartisan U.S. Senate Bill that Will Accelerate
Geothermal Projects By Addressing Permitting Hurdles

Senators Heinrich, Risch, Lee and Cortez Masto's Bill Would Accelerate Geothermal
Development on Federal Lands & Create High-Paying Jobs
Dispatchable, Flexible and Scalable: Geothermal Provides Many Benefits as Part of Clean
Energy Transition

CALGARY, Alberta, Canada – Eavor Technologies Inc. (“Eavor”), the leader in globally
scalable geothermal energy technology, applauded bipartisan geothermal permitting legislation
introduced recently in the United States Senate that will address significant permitting
challenges for all types of geothermal projects across the country. The Geothermal Energy
Optimization (GEO) Act of 2024 introduced by Senator Martin Heinrich (D-NM), James Risch(R-ID), Mike Lee (R-UT) and Catherine Cortez Masto (D-NV) will:●

Establish permitting parity for geothermal technologies by introducing a categoricalexclusion specifically for exploration drilling and well-field development, streamlining theenvironmental review process;●Create a Geothermal Ombudsman and Strike Team to provide technical assistanceand mediation for dispute resolution, ensuring efficient project development; and●Set new targets for geothermal leases on federal lands and mandate that the Bureauof Land Management hold auctions more frequently, aiming to expedite the leasing
process and encourage geothermal development.

“We are grateful for the leadership of Senators Heinrich, Risch, Lee and Cortez Masto in
introducing this critical legislation,” said Jeanine Vany, Eavor co-founder and executive vicepresident of corporate affairs. “The Geothermal Energy Optimization Act of 2024 streamlines thepermitting process and will advance geothermal energy development on federal lands. As welook towards the energy systems of the future, Eavor’s technology provides carbon-free,sustainable energy development that aids in the decarbonization of heating and electricity. We
also create high-paying jobs and provide grid-hardening capabilities – all while using minimal
water and land. This legislation will help advance geothermal projects like Eavor’s to become areality more quickly across the United States.”
Geothermal technology, as defined in the bill, encompasses methods for extracting heat fromthe earth's subsurface. This includes drilling hydrothermal project test wells, enhanced

geothermal system non-production wells, closed-loop geothermal system calibration wells, andsimilar subsurface disturbances to assess heat resources for energy production.
Eavor is actively working on projects in Texas, Nevada, and California and recently secured acontract with the US Air Force to explore the potential of the Eavor-Loop™ technology at Joint
Base San Antonio. In 2023, Eavor secured a €91.6 million grant from the European Union
Innovation Fund to support the world’s first commercial Eavor-Loop™ project in Geretsried,Germany. The project is expected to yield 64 MW of thermal energy when it is completed in2026.
Last fall, Eavor was named to Cleantech Group’s 2024 Global Cleantech 100 list. This annuallist recognizes top companies and promising ideas in cleantech that are best positioned to makea substantial impact on the market in the next five to ten years and build a more digitized,decarbonized, and resource-efficient industrial future.

About Eavor Technologies Inc.
Eavor (pronounced “Ever”) is a technology-based energy company led by a team dedicated tocreating 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 issues that have traditionally hindered geothermal energy. Eavor instead circulates a benign
working fluid that is completely isolated from the environment in a closed-loop, through a
massive subsurface radiator. This radiator simply collects heat from the natural geothermal
gradient of the Earth via conduction. Eavor has been supported by equity investments made byseveral leading global energy producers, investors, developers, and venture capital funds
including Vickers Venture Partners, bp Ventures, Chubu Electric Power, BDC Capital, Temasek,
BHP Ventures, OMV, Kajima Corporation, the Canada Growth Fund, and the Microsoft Climate
Innovation Fund. info@eavor.com – Eavor.com
Contact
Eavor Technologies Inc.
John Redfern
President & CEOpress@eavor.com
Tel: +1-650-269-2501