geothermal

XGS Energy Secures Additional $13M to Accelerate Advanced Geothermal Deployment

XGS Energy has closed $13 million in new financing. The over-subscribed 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.
XGS Energy Secures Additional $13M to Accelerate Advanced Geothermal Deployment
Courtesy of NREL.

“We are excited to welcome new investors who appreciate the requirements of power infrastructure and understand how our unique technology unlocks a massive global development opportunity,” said Josh Prueher, Chief Executive Officer at XGS.

With the new financing, Mano Nazar, ClearSky Senior Advisor and the former Chief Nuclear Officer of NextEra Energy, will join the XGS Energy Board of Directors.

“XGS’ advanced geothermal technology is uniquely positioned to deliver abundant energy to the grid faster than any other baseload energy technology at a time of unprecedented demand for energy resources,” said Nazar. “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 a shallow field test of its Thermal Reach Enhancement (TRE) 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-gigawatt project pipeline that has materialized as demand for baseload power skyrockets.

XGS plans to aggressively expand its team through year-end, building from its headquarters in Houston, Texas, and expects to continue fundraising to support further growth.

“We are ramping commercial operations ahead of our planned growth equity round later this year, which will highlight the results of our first commercial-scale system plus our growing project pipeline,” said Lucy Darago, Chief Commercial Officer at XGS.

“We’re pleased to be partnering with XGS at this critical inflection point,” said Kevin Kimsa, Managing Partner at ClimateIC. “We are facing global energy supply challenges of unprecedented scale and urgency. The XGS team is uniquely primed to meet the moment, bringing together innovative technology and leading engineering talent with the deep experience in infrastructure development and financing critical to deploying large-scale energy systems at speed.”

Baterías con premio en la gran feria europea del almacenamiento de energía
El jurado de la feria ees (la gran feria europea de las baterías y los sistemas acumuladores de energía) ya ha seleccionado los productos y soluciones innovadoras que aspiran, como finalistas, al gran premio ees 2021. Independientemente de cuál o cuáles sean las candidaturas ganadoras, la sola inclusión en este exquisito grupo VIP constituye todo un éxito para las empresas. A continuación, los diez finalistas 2021 de los ees Award (ees es una de las cuatro ferias que integran el gran evento anual europeo del sector de la energía, The smarter E).