XGS Energy secures new financing to advance geothermal tech

XGS Energy logo (source: XGS Energy)

Carlo Cariaga 24 Jan 2024

XGS Energy has announced the closing of a $9.7-million financing round led by Constellation Technology Ventures, with BlueScope X and Thin Line Capital, as well as individual inside investors. This new financing will accelerate XGS’ North American prototype demonstrating its proprietary Thermal Reach Enhancement™ (TRE) geothermal technology at full commercial scale.

XGS’ upcoming prototype will demonstrate the commercial readiness and scalability of its TRE technology and further validate its proprietary predictive performance models. The prototype builds on the successful completion of more than 24 months of lab testing and is a key milestone for XGS’ first commercial projects in the Western United States, Japan, and the Philippines.

XGS’ proprietary TRE system leverages materials 50 times more conductive than native rock to deliver high-efficiency thermal energy without dependence on water or geology. XGS’ technology can be deployed anywhere in the world, unlike traditional geothermal solutions that require access to hot water reservoirs and specific geological formations.

“We are honored to have won the confidence of Constellation, the United States’ largest producer of clean, carbon-free energy, as well this impressive group of global financial and strategic investors,” said Josh Prueher, CEO of XGS Energy. “Their interest in XGS reflects the strength of our technology, intellectual property protections, world-class team, and unique potential to scale globally.”

“We look forward to collaborating with XGS to help them accelerate the commercialization of an emerging technology that could play a key role in the clean energy transition,” said Jorge Acevedo, Senior Vice President, Commercialization & Development at Constellation. “Similar to nuclear, geothermal energy offers a potential source of 24/7, zero-carbon power, and XGS is positioned to help address the need for exactly that as our grid moves away from reliance on fossil generation.”

“We are pleased to welcome an impressive and diverse group of investors to rapidly advance XGS technology deployment,” said Craig Barrett, Chairman of the Board at XGS Energy and former CEO of Intel. “XGS has brought together the right team with the right technology to unleash the potential of geothermal energy.”

Learn more about XGS Energy from our interview with COO Ghazal Izadi.

Source: XGS Energy via Business Wire