XGS Energy, a developer of next-generation geothermal power projects, has closed US$13 million in new financing for US project.
The round included new investors, Aligned Climate Capital, ClearSky, ClimateIC, and WovenEarth Ventures, in addition to inside investors. This financing builds on a round led by Constellation Technology Ventures, VoLo Earth Ventures, and Valo Ventures in 2024.
Josh Prueher, CEO at XGS, responded: “We are excited to welcome new investors who appreciate the requirements of power infrastructure and understand how our water-indepedent technology unlocks a large global development opportunity.”
Mano Nazar, ClearSky Senior Advisor and new member of the XGS Board of Directors, commented: “XGS’ advanced geothermal technology is uniquely positioned to deliver abundant energy to the grid faster than other baseload energy technology at a time of unprecedented demand for energy resources. We are excited to partner with XGS to deliver on their mission of sustainable, reliable, and scalable geothermal energy.”
XGS’ modular, water-independent geothermal system is designed to overcome the financeability and geographic scalability challenges that have constrained geothermal development globally. XGS completed in a shallow field test of its Thermal Reach Enhancement technology in 2024 and is now operating its first commercial-scale well in California, validating its predictive performance models and accumulating operating history. The funding supports the execution of XGS’ multi-GW project pipeline that has materialised as demand for baseload power has skyrocketed.
Peter Davidson, CEO of Aligned Climate Capital, shared: “As both venture and infrastructure investors, we evaluate every investment through the lens of financeability. With its focus on minimising exploration risk and optimising for long-term predictability, XGS is overcoming the barriers that have historically prevented geothermal from securing large-scale, low-risk project financing, unlocking a new era of geothermal scale.”
XGS plans to expand its team through year-end, building from its headquarters in Houston, Texas, and expects to continue fundraising to support further growth.
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