New Eavor Technologies Inc. chief executive officer Mark Fitzgerald says he wants the company to be recognized as an international leader in advanced geothermal technology.

Fitzgerald, the former president and CEO of PETRONAS Canada, was appointed to Eavor’s top job this past October.

He succeeded John Redfern, who announced he’d be stepping down as CEO for personal reasons in June.

Fitzgerald told DOB Energy he was drawn to Eavor for its technical talent, and being at the “forefront of the development of advanced geothermal systems.”

He also noted the “incredible opportunity to scale a Canadian and Alberta-grown company on a global stage.”

The CEO said he’s “very passionate about the opportunity for the transference of Canadian energy expertise on the global stage.”

The company describes its Eavor-Loop technology as the first truly scalable form of clean, dispatchable, baseload-capable and flexible heat and power.

“I’ve been a big advocate for LNG on the global stage because [of] the impact on emissions around the world, and this is another opportunity,” he said.

A differentiator for the company is that its technology can deliver power and heat in a manner that benefits the environment, while remaining reliable and consistent.

Global experience

Fitzgerald noted that PETRONAS’s global upstream portfolio is comparable in size to most global majors. On this score, he gained transferable experience.

This includes understanding the complexities of doing business and working with stakeholders in foreign jurisdictions.

“I’m here to supplement what exists already by bringing my … global expertise, and my ability to manage a business that’s going to get more complex.”

Markets and policy

Fitzgerald outlined markets where the company’s technology naturally aligns.

This includes supplying hyperscalers and also with jurisdictions that want to move away from traditional power sources.

“People are building big data centres, big power draws across North America and around the world,” he said. “That is a natural home for an organization like Eavor. We create the opportunity for … reliable geothermal development to support those businesses and those new developments.”

For Eavor, Germany remains a key market for the company, with western Europe more broadly identified as an area of focus.

Canada, he added, would benefit from clearer regulatory and fiscal frameworks. 

“[We] would love to advance projects in Canada,” he continued, adding: “We need a little bit more stability … in terms of the regulatory environment and the fiscal environment in order to do that.”  

Scaling is a challenge, explained the veteran executive. In early-stage projects, capital investment requirements are significant until there’s self-sustaining revenue generation.

According to Fitzgerald, Alberta and Canada have a unique opportunity to support emerging businesses “in a way that transitions those emerging businesses into sustainable, [economically]-contributing major Canadian companies — and [they] have to be willing to do that.”

The federal government’s Major Projects Office (MPO) was launched this past August. Dawn Farrell — who has four decades of experience in Canada’s energy sector, including as president, CEO and board chair of Trans Mountain Corporation — was named as its CEO.

At the time of the interview, Fitzgerald said he intended to reach out to Farrell at some point.

He’ll advocate for the need to support traditional industries, “because they will drive the economic growth that we need as a country,” but also recognizing the emergence of geothermal as a core part of the energy supply.

“Canada should be at the front of that,” he said.

Seeding industries

Fitzgerald highlighted recent government backing for small modular reactor (SMR) projects in Ontario. The province invested $1 billion through the Building Ontario Fund in the first SMRs in the G7 at Darlington Nuclear Station.

The Canada Growth Fund — an arm’s-length investment vehicle designed to attract private capital to build Canada’s clean economy — also committed to invest up to $2 billion in the project.

“There's a good example of the government seeding an industry to advance and to move forward and to reach that point where they’re able to be more sustainable financially,” said Fitzgerald.

The Darlington New Nuclear Project in Ontario was also among the first major projects referred to the MPO.