Under Royalty brings the proven royalty financing model from mining and oil & gas to geothermal — one of the most scalable and undercapitalized segments of the global energy sector. We provide flexible, patient, and non-dilutive capital through tailored royalty structures for scalable conventional and next-generation geothermal projects.
Designed to complement traditional equity and project debt, royalty finance can reduce or delay equity requirements — helping developers preserve ownership and control, maintain strategic flexibility, and accelerate projects from early development through commercial deployment. Under Royalty combines capital with deep geothermal market knowledge, technical relationships, and transaction experience to serve as a long-term financing partner.
Flexible royalty capital supporting conventional and next-generation geothermal projects across early development, construction, expansion, and production.
Investments in clean and secure baseload power, direct-use, and combinations targeting both conventional geothermal and next-generation geothermal projects.
Disciplined investment approach that provides exposure to increasing energy demand and prices through project-level royalties and technology-driven equity investments.
Lower carbon investment portfolio that promotes reliability, security and sustainability.
A proven financing model refined across mining and oil & gas, now applied to geothermal.
Exposure to the surging power demand and associated power prices, in addition to increasing heating and cooling demand.
Diversified portfolio of geothermal assets, by taking into consideration geothermal type, location and counterparty.
Creative financial structures designed around each project’s capital requirements, development milestones and long-term growth plan.
Production-linked payments begin after commercial operations, aligning Under Royalty with the project’s long-term success.
David Wilson has been involved in all aspects of exploration, development, and acquisitions of oil and gas properties. He is currently President & Chief Executive Officer at Kelt Exploration Ltd.
Kent Gillings is a Managing Director and Head of North American Natural Gas & Power Trading at Scotiabank, with over 20 years of experience across energy markets, infrastructure, and technology-enabled platforms.
President & CEO
Paul is a serial entrepreneur with over 25+ years of combined experience in energy and technology verticals, with a focus on the incubation, development and growth of new ventures. Paul is an original Founder of Eavor Technologies Inc. and carries the knowledge and nuanced understanding of the complete geothermal landscape.
CFO & CSO
Amber brings over 15+ years of combined experience in sustainability and energy transition finance, equity research, and business development. Amber founded and led National Bank’s capital markets ESG/Sustainability platform and spent several years in equity research and finance covering the energy infrastructure sector.
Advisor: Technical
Malcolm is a geothermal strategist, geoscientist and “Geothermal Evangelist” with more than 30 years of direct industry experience, including work with Shell’s New Energies Research and Technology team. His expertise spans geothermal innovation, venture development and deep market insight, with a focus on scalable subsurface energy opportunities across power, heating, cooling and data center infrastructure.
Advisor: Capital Strategy & Structuring
Chris brings more than 15 years of experience across global deep technology, investing and consulting, including fund development, management and deployment. He previously served as a Director at Vickers Venture Partners, a Singapore-headquartered venture capital firm with more than US$600 million in assets under management, and as CFO of a Nasdaq-listed SPAC through its IPO and de-SPAC transaction.
ATB Capital Markets is a full-service capital markets firm offering a wide range of financial solutions across North America. Established in 2020, with the combination of ATB Corporate Financial Services and AltaCorp Capital, the team has developed a reputation for successful deal execution and strong relationships.
Revive Capital seeks to help clients unlock value through sustainable and financial innovation. Revive Capital provides strategic and financial support to private companies seeking to raise external capital. Revive Capital also helps companies implement and communicate a fully integrated sustainability strategy, which works in parallel with the company’s overall business and financial strategies.
Royalty structures are commonly used across resource development industries (not yet geothermal) to fund organic developments. They provide investors with a high-margin revenue stream tied to long-term projects, with commodity exposure typically secured at the project level, subordinate to first-lien lenders.
Capital will be used for growth, recapitalization, operational efficiencies, acquisitions and/or ownership buyout.
Steady income stream via royalty that takes into consideration both a return of capital and return on capital.
* Potential to structure additional equity upside. Source(s): Revive Capital
Developing or expanding a geothermal project? Contact Under Royalty to explore how royalty finance could complement your capital strategy.