Latest news with #XGS
Yahoo
20-05-2025
- Business
- Yahoo
Company secures $13 million to harness overlooked energy hiding beneath our feet: 'Unlocking a new era'
As CleanTechnica reported, Texas-based startup XGS Energy has raised $13 million to expand its geothermal system, which doesn't rely on underground water or cracked rock to generate power. The U.S. Air Force recently permitted the company to compete for clean energy projects at military bases, showing a growing interest in alternatives to dirty energy. Most geothermal plants only work where heat, porous rock, and groundwater meet. This limits their use to places such as the Western United States. XGS takes a different path. Its system uses a sealed pipe within a pipe, keeping fluids from touching the rock or escaping into Earth. The liquid heats up underground and returns to the surface to power equipment including heaters or generators. Because it uses no water and works in many types of terrain, it could serve formerly off-limit areas. Older versions of this idea were inefficient, but XGS added a key upgrade: a heat-conductive material wrapped around the pipe. It pulls additional heat to the well, "making a water-independent, geology-independent geothermal system economic for the first time," CEO Josh Prueher said. XGS tested its system last year in California, marking its first project outside the lab. Unlike enhanced geothermal methods that rely on high-pressure water, including those used by Fervo Energy, XGS' approach doesn't require fracturing the ground or injecting fluid. XGS avoids the risks of earthquakes or groundwater stress, and its steady output makes it well-suited for baseload power in drought-prone areas. Geothermal energy was already getting attention from military bases. Fort Bliss is one of several sites exploring new systems to lower emissions and strengthen energy security. XGS is part of a growing group of companies bringing fresh ideas to the field, each working toward cleaner, more dependable ways to power the grid. Should we be digging miles beneath Earth's surface? No way Definitely Depends what it's for Depends where we do it Click your choice to see results and speak your mind. The company's ability to work in more places with fewer environmental trade-offs stood out to investors. Aligned Climate Capital CEO Peter Davidson called the company's progress "unlocking a new era of geothermal scale," highlighting its potential to reduce pollution and meet the energy needs of cities, industries, and military facilities. This push fits into a larger shift toward solving critical climate issues with clean, scalable infrastructure that supports health, safety, and long-term energy independence. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
26-03-2025
- Business
- Yahoo
XGS Energy Secures Additional $13 Million to Accelerate Advanced Geothermal Deployment
Aligned Climate Capital, ClearSky, ClimateIC, and WovenEarth Ventures join XGS Energy investors to accelerate development of XGS's commercial project pipeline across the Western United States. HOUSTON, March 26, 2025--(BUSINESS WIRE)--XGS Energy, a developer of next-generation geothermal power projects leveraging a proprietary water-independent technology, today announced that it 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. "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. "As both venture and infrastructure investors, we evaluate every investment first and foremost through the lens of financeability," said Peter Davidson, CEO of Aligned Climate Capital. "With its focus on minimizing exploration risk and optimizing for long-term predictability, XGS is systematically overcoming the barriers that have historically prevented geothermal from securing large-scale, low-risk project financing, unlocking a new era of geothermal scale." 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." To learn more about XGS Energy, please visit About XGS EnergyXGS Energy provides Clean, Round-the-Clock Energy Everywhere, Forever. XGS's proprietary solid-state geothermal system uses thermally conductive materials to deliver affordable energy anywhere there is hot rock. The XGS system decouples geothermal energy production from its historical dependence on natural water resources and geological conditions, unlocking low-risk power project development, geographic flexibility, easier permitting, and faster deployment. XGS's scalable, financeable geothermal energy approach is supported by leading investors globally including Anzu Partners, BlueScopeX, B Current Impact Investment, Constellation Technology Ventures, H&P, MIH Capital, Thin Line Capital, Valo Ventures, and VoLo Earth Ventures. Learn more and explore our open roles at About Aligned Climate CapitalAligned Climate Capital LLC is an asset manager investing exclusively in the companies and projects driving the clean energy transition. Founded in 2019, Aligned currently manages approximately $1.9 billion of assets (as of 12/31/23). The firm's senior leadership team brings decades of climate and clean energy experience across finance, energy markets, and government. Aligned has two primary investment strategies: the Aligned Climate Fund, which provides capital to venture-stage companies deploying and scaling established clean energy solutions, and Aligned Solar Partners, which owns and operates distributed solar, energy storage, and other clean energy projects. For more information, visit About ClearSkyClearSky is a venture capital and growth equity fund manager that invests in innovative, transformative companies. We specialize in investing in technology solutions that power the energy transition and disruptive technologies in cybersecurity. Over more than a decade, we've effectively managed approximately one billion dollars in capital commitments. Our investment funds enable exciting companies to bring disruptive technology to market while positively impacting our world and delivering value for our investment partners. Learn more at About Climate Innovation Capital (ClimateIC)ClimateIC is a venture fund whose purpose is to deliver superior financial returns and decarbonize the economy. We identify and invest in cost-competitive, commercial climate tech innovations that solve pervasive, large-scale economic challenges and inefficiencies, and can be adopted and scaled rapidly. ClimateIC leverages our strong network and extensive experience as operators, climate advisors and investment professionals to source attractive opportunities and enhance the growth prospects of our portfolio companies. Learn more at About WovenEarth VenturesWovenEarth Ventures is purpose-built to harness what we believe is an unstoppable wave of market forces and clean technologies reshaping how the world is powered, built, moved, and managed. We provide a fund of funds structure that seeks to deliver attractive, risk-adjusted returns by maintaining a laser focus on US-based venture funds specializing in the early-stage of clean technology investment while providing access and diversified exposure to what we believe are the strongest teams in the space. View source version on Contacts Kalyn Schieffer for XGS Energykos@ Technica Communications for AlignedJamie Corteraligned@ Sign in to access your portfolio
