Hephae Energy closes $17.8m Series A funding round to support superhot geothermal drilling
Hephae Energy Technology has raised new funding of USD 17.8 million which will go towards commercial deployment of its high-temperature drilling technology.
Hephae Energy Technology Corp. (Hephae) has announced the successful completion of a USD 17.8 million Series A financing round to accelerate the commercial deployment of its advanced drilling systems to enable next-generation geothermal energy development. This new round brings the company’s total capital raised to $24.7M.
The financing round was co-led by Susquehanna Sustainable Investments and Underground Ventures, with participation from alfa8, Baruch Future Ventures, Centaurus Capital LP, Elemental Impact, Exa Ventures, Future Ventures, Grantham Foundation for The Protection of the Environment, New System Ventures, and True North Institute, joining existing investor Nabors Industries.
The financing will support the commercial deployment of Hephae’s Pandora210® Measurement While Drilling (MWD) System that can operate at temperatures up to 210°C, exceeding commercial benchmarks of 175°C for legacy MWD systems, and fund R&D into the next generation of drilling technology that can exceed 300°C.
“Commercial deployment represents a major milestone in our mission to scalable, always-on, emission-free power globally, with a world-class team to tackle this problem” said Steve Krase, CEO of Hephae Energy Technology. “This investment enables Hephae to transition from development to scale, delivering the ultra-high temperature drilling technologies needed to support the rapid growth of the geothermal industry in the US and international markets.”
“The geothermal industry is moving towards hotter temperatures, and Hephae is making sure equipment and tools are keeping up. We are proud to reinvest and support the Hephae team further on this exciting journey,” added Torsten Kolind, Managing Partner at Underground Ventures.
“Hephae is solving one of the hardest unlock problems in geothermal — more reliable drilling for the industry as it stands today, and access to hotter, deeper rock that wasn’t reachable before. Having observed the team’s impressive execution over these last few years, we’re glad to keep supporting them on this next stage,” further commented Chris Anderson, Founder & Managing Partner, Exa Ventures.
For more information on Hephae Energy Technology and the MWD tools they are developing, check out this webinar recording with CEO Steve Krase from earlier this year:
Source: Email correspondence
