TLDR:
- XGS Energy raised $20M in Series A funding led by Valo Ventures and VoLo Earth Ventures
- The company plans to use the funds to support its first commercial-scale project in California and accelerate deployment of its geothermal technology globally
XGS Energy, a geothermal energy technology company based in Palo Alto, CA, recently completed a $20M Series A funding round. The funding was led by Valo Ventures and VoLo Earth Ventures, with new investors B Current Impact Investment and MIH Capital, as well as individual inside investors and additional funding from existing investor Thin Line Capital. This financing builds on previous rounds of funding earlier in the year, totaling $9.7M and $14M, respectively.
The company, led by CEO Josh Prueher, offers a proprietary solid-state geothermal system that utilizes thermally conductive materials to provide affordable energy in areas with hot rock. This technology improves geothermal energy production by reducing dependence on natural water resources and geological conditions, allowing for low-risk power project development, geographic flexibility, and rapid deployment.
With the newly acquired funds, XGS Energy plans to support its first commercial-scale project in California and accelerate the deployment of its proprietary geothermal technology across its global project pipeline. This strategic move aims to revolutionize geothermal energy production and make it more accessible on a larger scale.
