Critical Energy raises $22m seed funding for modular geothermal power plants
Visualization of deployment of multiple geothermal turbines by Critical Energy (source: Critical Energy)
Carlo Cariaga
18 Jun 2026
US-based Critical Energy has raised $22 million in seed funding to expand manufacturing capabilities and accelerate deployment of modular geothermal turbines.
US-based Critical Energy has announced that it has raised $22 million in seed funding to advance its business of manufacturing modular geothermal turbines. According to the company, the funding will go towards expanding its engineering and manufacturing capabilities, accelerating turbine development, and supporting initial deployments in the US and international markets.
The funding rounds were led by by Susa Ventures and Upfront Ventures. Additional participants included MaC Venture Capital, Susquehanna Sustainable Investments, Humba Ventures, Scribble Ventures, Underground Ventures and additional investors, as well as venture debt from Silicon Valley Bank.
Critical Energy aims to develop modular geothermal power plants designed for rapid global deployment. By moving the majority of construction into factories, the company aims to reduce deployment timelines from years to weeks while significantly lowering costs. The company has already built a pilot facility in Los Angeles and is advancing toward commercial-scale deployments. Critical Energy also differentiates itself as the only US-based manufacturer of modular geothermal turbines.
The company was founded by Spencer Jackson, a systems and hardware engineer with deep experience in high-performance aerospace and automotive engineering. He spent nearly seven years at SpaceX, working across multiple departments, including Falcon Heavy structures, developing high-temperature thermal seals for Starship re-entry systems, and contributing to the design of the combustion chamber and nozzle for the Raptor rocket engine.
“Everyone talks about solving climate change, but the reality is we need massive amounts of always-on energy to do it,” said Spencer Jackson, founder and CEO of Critical Energy. “Today, the only energy source we’ve been able to scale quickly enough to meet that demand is natural gas. We’re building a zero-emissions alternative that can match that reliability, and be deployed anywhere.”
Critical Energy has a long-term vision is to deliver more than 300 gigawatts of new installed power generation per year by 2045.
“What stood out to us about Critical Energy is its focus on solving one of the most difficult challenges in the energy transition: delivering always-on, zero-emissions power at scale,” added Seth Berman, General Partner at Susa Ventures. “By rethinking how geothermal plants are designed and manufactured, the company has the potential to reshape how critical energy infrastructure is built and deployed globally.”
The manufacture and deployment of turbo-machinery and other surface infrastructure remains a potential bottleneck that could impede the growth of the geothermal sector. This is particularly important in the United States because of the growing number of geothermal projects in the early-stage licensing and exploration phases, as well as the increasing momentum of Enhanced Geothermal Systems (EGS). Local manufacturing and the design of standardized, modular units will be crucial for the industry to scale. Critical Energy is well-positioned to address this supply chain gap.
Source: Email correspondence
