XGS Energy, a Palo Alto, CA-based innovator in geothermal energy technology, raised $9.7M in funding.
The round was led by Constellation Technology Ventures, with BlueScopeX and Thin Line Capital, as well as individual inside investors.
The company intends to use the funds to accelerate its North American prototype demonstrating its proprietary Thermal Reach Enhancement™ (TRE) geothermal technology at full commercial scale.
Led by CEO Josh Prueher, XGS Energy is a geothermal energy company, which provides proprietary heat-harvesting technology, and closed-loop well architecture that enable global deployment of terawatt-scale geothermal heat. XGS’ technology can be deployed anywhere in the world, unlike traditional geothermal solutions that require access to hot water reservoirs and specific geological formations.
XGS’ upcoming prototype will demonstrate the commercial readiness and scalability of its TRE technology and further validate its proprietary predictive performance models. The prototype builds on the completion of more than 24 months of lab testing and is a key milestone for XGS’ first commercial projects in the Western United States, Japan, and the Philippines.
FinSMEs
24/01/2024