The latest funding round was led by by Valo Ventures and VoLo Earth Ventures, and included financing from new investors B Current Impact Investment, MIH Capital, and individual inside investors, as well as additional funding from existing investor Thin Line Capital. This new financing builds on the $9.7 million round led by Constellation Technology Ventures earlier this year, and the $14M Series A investment led by Anzu Partners.
With over $40 million in total funding to date, XGS’s growing investor and partner network reflects the commercial promise of its technology and its potential to contribute to a clean, reliable, and affordable electricity grid.
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’ upcoming North American prototype will demonstrate the commercial readiness and scalability of its Thermal Reach Enhancement™ (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.
“We designed the XGS system to address the root causes preventing geothermal from achieving the same scale as solar, wind, and battery storage, that the market simply wasn’t addressing,” said XGS CEO Josh Prueher.
“When we listened to geothermal energy purchasers, financers, and communities, we heard meaningful concerns about the long-term performance, durability, and water consumption of geothermal energy projects. We’re proud to have designed a geothermal system that is truly water-independent and delivers a highly predictable and consistent energy supply over a decades-long lifetime.”
“As the power grid seeks to meet dramatic new demand growth while continuing to reduce carbon emissions, XGS’ ability to unlock 24/7 carbon-free energy close to demand is invaluable,” said Scott Tierney, Managing Partner at Valo Ventures. “We are impressed by the distinctive intellectual property XGS has developed and believe the company is uniquely positioned to scale globally.”
“The XGS team combines world-class power development experience and decades of oil and gas experience to unlock geothermal resources anywhere on the Earth,” said Joe Goodman, Managing Partner at VoLo Earth Ventures. “We are excited to partner with XGS to accelerate its next-generation geothermal energy technology and drive a global terawatt-scale development opportunity.”
“The scale and breadth of interest in this round reflects the unique ability of XGS technology to unlock geothermal scale and more importantly, financeability,” continued Prueher. “We are pleased to welcome these terrific new partners, whose support will allow us to further accelerate our learning curve and expand our global project pipeline.”
