XGS Energy, a pioneer in geothermal energy technology, announced today that it has raised $19 million in venture capital, including a $14 million Series A led by Anzu Partners. This funding will be used by XGS Energy to further develop its geothermal heat harvesting technology. The company was originally known as Geothermic Solution LLC, but it has since changed its name to XGS Energy, Inc.
By dramatically increasing the scalability of geothermal energy through its heat harvesting technology, XGS provides access to affordable, carbon-free 24/7 power generation. XGS is uniquely positioned to meet the increasing demand for sustainable, local power generation and energy security.
Geothermal energy production has the potential to be one of the cheapest and most reliable sources of clean firm power, but scalability has been limited to date due to requirements for rare geological formations and water availability. XGS technology removes these impediments, making utility-scale power more affordable, reliable, and carbon-free.
XGS Energy is a geothermal energy company based in Palo Alto, California. The company’s proprietary heat harvesting technology and closed-loop well architecture enable terawatt-scale geothermal heat and power deployment worldwide.