XGS Energy, a pioneering company in next-generation geothermal energy technology, has successfully secured an additional $20 million in Series A funding. This financial boost is earmarked for launching XGS's inaugural commercial-scale project in California later this year, marking a significant step in deploying its innovative water-independent geothermal technology globally.
The funding round, led by Valo Ventures and VoLo Earth Ventures, includes contributions from new investors such as B Current Impact Investment and MIH Capital, alongside individual inside investors and additional funds from existing investor Thin Line Capital. These recent investments build on a prior $9.7 million round led by Constellation Technology Ventures and a $14 million Series A round led by Anzu Partners, bringing XGS's total funding to over $40 million.
XGS's groundbreaking solid-state geothermal system utilizes thermally conductive materials to enable geothermal energy production anywhere hot rock is present. This technology significantly reduces the historical reliance on natural water resources and specific geological conditions, offering geographic flexibility, simpler permitting, and quicker project deployment.
The upcoming North American prototype will showcase the commercial viability and scalability of XGS's Thermal Reach Enhancement™ (TRE) technology. This follows over two years of successful laboratory testing and is a critical precursor to commercial projects slated for the Western United States, Japan, and the Philippines.
Josh Prueher, CEO of XGS, stated, "Our system addresses key limitations that have hindered geothermal energy from scaling like other renewables. By listening to the market, we've designed a solution that not only eliminates the need for water in geothermal energy projects but also provides a consistent and predictable energy output over its extensive lifespan."
Scott Tierney, Managing Partner at Valo Ventures, highlighted the potential of XGS to meet increasing demands on the power grid while reducing carbon emissions. Joe Goodman, Managing Partner at VoLo Earth Ventures, praised the XGS team's deep expertise in power development and its ability to leverage this for global geothermal resource accessibility.
Prueher further noted the broad and robust interest in this funding round, which underscores the financeability and scalability potential of XGS technology. He welcomed the new partners, whose support will accelerate XGS's learning curve and expand its global project pipeline, aiming to drive terawatt-scale development worldwide.
