{"id":18854,"date":"2024-05-22T03:02:06","date_gmt":"2024-05-22T03:02:06","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/xgs-energy-raises-20-million-additional-funding-for-next-generation-geothermal\/"},"modified":"2024-05-22T03:02:06","modified_gmt":"2024-05-22T03:02:06","slug":"xgs-energy-raises-20-million-additional-funding-for-next-generation-geothermal","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/xgs-energy-raises-20-million-additional-funding-for-next-generation-geothermal\/","title":{"rendered":"XGS Energy raises $20 million additional funding for next-generation geothermal"},"content":{"rendered":"
\n

XGS Energy,<\/a> an innovator in next-generation geothermal energy technology, has announced the completion of $20 million in additional Series A funding. This financing will support XGS\u2019 first commercial-scale project in California later this year and accelerate deployment of its proprietary water-independent geothermal technology across its global project pipeline<\/p>\n

The latest funding round was led by \u00a0by\u00a0Valo Ventures<\/a>\u00a0and\u00a0VoLo Earth Ventures<\/a>, and included financing from new investors\u00a0B Current Impact Investment<\/a>,\u00a0MIH Capital<\/a>, and individual inside investors, as well as additional funding from existing investor\u00a0Thin Line Capital<\/a>. This new financing builds on the\u00a0$9.7 million round\u00a0<\/a>led by\u00a0Constellation Technology Ventures\u00a0earlier this year, and the\u00a0$14M Series A investment<\/a>\u00a0led by\u00a0Anzu Partners.<\/p>\n

With over $40 million in total funding to date, XGS\u2019s growing investor and partner network reflects the commercial promise of its technology and its potential to contribute to a clean, reliable, and affordable electricity grid.<\/p>\n

XGS\u2019s proprietary solid-state geothermal system uses thermally conductive materials to deliver affordable energy anywhere there is hot rock. The XGS system decouples geothermal energy production from its historical dependence on natural water resources and geological conditions, unlocking low-risk power project development, geographic flexibility, easier permitting, and faster deployment.<\/p>\n

XGS\u2019 upcoming North American prototype will demonstrate the commercial readiness and scalability of its Thermal Reach Enhancement\"\u2122\" (TRE) technology and further validate its proprietary predictive performance models. The prototype builds on the successful completion of more than 24 months of lab testing and is a key milestone for XGS\u2019 first commercial projects in the Western United States, Japan, and the Philippines.<\/p>\n

\u201cWe designed the XGS system to address the root causes preventing geothermal from achieving the same scale as solar, wind, and battery storage<\/a>, that the market simply wasn\u2019t addressing,\u201d<\/em> said XGS CEO Josh Prueher.<\/p>\n

\u201cWhen we listened to geothermal energy purchasers, financers, and communities, we heard meaningful concerns about the long-term performance, durability, and water consumption of geothermal energy projects. We\u2019re proud to have designed a geothermal system that is truly water-independent and delivers a highly predictable and consistent energy supply over a decades-long lifetime.\u201d<\/em><\/p>\n

\u201cAs the power grid seeks to meet dramatic new demand growth while continuing to reduce carbon emissions, XGS\u2019 ability to unlock 24\/7 carbon-free energy close to demand is invaluable,\u201d<\/em> said Scott Tierney, Managing Partner at Valo Ventures. \u201cWe are impressed by the distinctive intellectual property XGS has developed and believe the company is uniquely positioned to scale globally.\u201d<\/em><\/p>\n

\u201cThe XGS team combines world-class power development experience and decades of oil and gas experience to unlock geothermal resources anywhere on the Earth,\u201d<\/em> said Joe Goodman, Managing Partner at VoLo Earth Ventures. \u201cWe are excited to partner with XGS to accelerate its next-generation geothermal energy technology and drive a global terawatt-scale development opportunity.\u201d<\/em><\/p>\n

\u201cThe scale and breadth of interest in this round reflects the unique ability of XGS technology to unlock geothermal scale and more importantly, financeability,\u201d<\/em> continued Prueher. \u201cWe are pleased to welcome these terrific new partners, whose support will allow us to further accelerate our learning curve and expand our global project pipeline.\u201d<\/em><\/p>\n

Source: XGS Energy via BusinessWire<\/a><\/p>\n

The post XGS Energy raises $20 million additional funding for next-generation geothermal<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

Next-generation geothermal company XGS Energy has raised $20 million in additional funding that will go towards a first commercial-scale project in California.<\/p>\n

The post XGS Energy raises $20 million additional funding for next-generation geothermal<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"author":1,"featured_media":18855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[3911,10470,4467,168,3830,14670,14669,1125,16142,6052,7490,14968],"class_list":["post-18854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-3911","tag-additional","tag-energy","tag-for","tag-funding","tag-geo","tag-geothermal","tag-million","tag-next-generation","tag-raises","tag-think","tag-xgs"],"yoast_head":"\nXGS Energy raises $20 million additional funding for next-generation geothermal - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/xgs-energy-raises-20-million-additional-funding-for-next-generation-geothermal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"XGS Energy raises $20 million additional funding for next-generation geothermal - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"Next-generation geothermal company XGS Energy has raised $20 million in additional funding that will go towards a first commercial-scale project in California. 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