Ignis Energy raises $13.6 million to support global portfolio of geothermal projects
Drilling operations at the Kaynarpinar geothermal site in Türkiye (source: Ignis Energy)
Carlo Cariaga
26 Jun 2025
Ignis Energy has raised $13.6 million in Series A funding, facilitating progress of globally diversified geothermal projects to capital-intensive development.
Ignis H2 Energy Inc. (“Ignis Energy”) has announced the close of a Series A funding round, raising USD 13.6 million from a global consortium of investors. The funding will go towards supporting the company’s globally diversified, risk-balanced geothermal portfolio, particularly as key projects reach technical maturity and capital-intensive development phases.
This milestone builds on the initial close announced in February, which was led by sustainable energy investor alfa8 and included drilling contractor Nabors Industries, climate technology investor The Twynam Group, GEOLOG, and several private investors and family offices.
Leveraging decades of oil and gas expertise, Ignis applies proven technologies and exploration workflows to de-risk geothermal projects across high-enthalpy regions. Rather than betting on a single breakthrough, Ignis uses a ‘fit-for-resource’ strategy—tailoring each project to the best commercial technology for its reservoir and market. This includes conventional hydrothermal systems as well as emerging approaches like Enhanced Geothermal Systems (EGS) and Advanced Geothermal Systems (AGS), where appropriate.
“In a market chasing breakthrough headlines, Ignis Energy brings the spotlight back to the geology,” said Richard Calleri, CEO, Ignis Energy. “Without proven heat in the ground, there’s nothing to scale. Ignis finds it, proves it, and produces it.”
“Ignis has demonstrated strong execution on its strategy and is already moving rapidly onto the next milestones,” said Guillermo Sierra, VP, Strategic Initiatives, Nabors Industries. “Their commercial focus and speed stand out, and we look forward to continued collaboration on near-term projects and beyond.”
Outlook on projects
Ignis is rapidly advancing high-priority assets in Türkiye and the U.S.:
- Türkiye: In Eastern Anatolia, Ignis drilled its first temperature gradient well in Q4 2024, confirming reservoir temperatures and artesian flow. Two deep wells will follow this summer to fully de-risk the Kaynarp?nar field and position it as Ignis’ first commercial project—and a model for underexplored geothermal basins.
- Western U.S.: Ignis is advancing surface exploration across five Nevada and one Utah lease, supported by its proprietary AI targeting engine. Drilling in Nevada is expected in 2026, with development of a data center-aligned power plant targeted for 2027.
- Alaska: The Alaska Railbelt grid—supplying two-thirds of the state’s population—faces urgent pressure to replace aging gas-fired capacity and reduce high electricity prices. GeoAlaska, Ignis’ regional partner, plans to drill its first well by mid-2026, backed by three Letters of Intent from major offtakers in the utility, mining, and data center sectors.
“Our vision is pragmatic and region-first,” said Marcus Oesterberg, COO, Ignis Energy. “We don’t chase speculative breakthroughs—we match the right technology to the right resource and build local momentum. Ignis is a geothermal opportunity engine, unlocking real heat under real projects.”
Source: Ignis Energy via GlobeNewswire
