Under Royalty brings the proven royalty portfolio model from mining as well as oil & gas, to geothermal — one of the most scalable and undercapitalized segments of the global energy sector. We combine strategic equity investments in breakthrough geothermal technologies with structured royalty financing to build a diversified, high-growth platform.
We engage with established industry participants and technically sophisticated operators, and seek to provide all stakeholders with stable exposure to long-duration royalty cash flow while retaining meaningful equity upside as leading technologies scale — offering capital efficiency, embedded downside protection, and asymmetric exposure to rising global energy demands.
Utilizing strategic equity investments in highly scalable geothermal technologies to unlock further royalty finance opportunities.
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.
Utilizing a proven royalty model structure that has been successful across multiple industries (O&G, Mining, Green).
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.
Utilizing creative financial structures to unlock value in conventional and next-generation geothermal assets.
Non-operating business model that generates near-to-medium term cash flow based on project specific royalty investments.
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.
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.
Amber brings over 10+ 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.
Many key positions have been identified with others to be sourced through our partners. Our investors and partners bring their acumen, expertise and networks to support all aspects of the business.
Malcolm Ross is a geothermal strategist, geoscientist, and “Geothermal Evangelist” who helps investors identify scalable subsurface energy opportunities across power, heating, cooling, and data center infrastructure. He translates complex geology into bankable closed-loop projects, de-risks portfolios with rigorous techno-economic modeling, and unlocks climate-aligned growth through innovation, venture experience, and deep geothermal market insight.
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