07 Mar 2023

XGS energy secures funding for innovative geothermal heat technology

07 Mar 2023  by thinkgeoenergy   

XGS Energy, formerly Geothermic Solution LLC, has announced it has secured USD 19 million in financing, including a USD 14 million Series A led by Anzu Partners. XGS Energy will use this funding to develop its proprietary heat harvesting technology which may increase the scalability of geothermal energy, uniquely positioning the company to address the growing needs for access to sustainable, local power generation and energy security.

XGS Energy is a geothermal energy company founded and headquartered in Palo Alto, California. The company’s proprietary heat harvesting technology and closed-loop well architecture enables global deployment of terawatt-scale geothermal heat and power.

In connection with the new financing, four new directors joined the XGS Board:

Martin Craighead, former Chairman and CEO of Baker Hughes.

Ray Mabus, former U.S. Secretary of the Navy and former U.S. Ambassador to the Kingdom of Saudi Arabia. During his eight years as Secretary of the Navy, Secretary Mabus initiated major energy security and sustainability programs for the U.S. Navy and Marine Corps.

Khalid Alsweilem, Ph.D., former Chief Counsellor and Director General of Investment at SAMA, the Central Bank of the Kingdom of Saudi Arabia.

David Seldin, Managing Partner at Anzu Partners.

“Anzu Partners and other new private investors join a strong investor syndicate at our company, including Helmerich & Payne and other angel investors,” said Board Chair Craig Barrett, former CEO of Intel. “We look forward to accelerated technology development enabled by this financing.”

“XGS Energy’s technology is a breakthrough approach to unlocking virtually unlimited energy from hot rock resources, for the first time, in the U.S. and across the globe,” said David Seldin, Managing Partner at Anzu Partners. “We are delighted to join the outstanding team of engineers and technologists bringing forward this low-cost, baseload power technology.”

The XGS Energy team is attending CERAWeek 2023 on March 6-10, 2023 in Houston, Texas. XGS is a featured presenter at the conference as part of the Innovation Agora program and XGS Chief Operating Officer Ghazal Izadi and Senior Vice President, Business Development Hans-Christian Freitag will present a session, Harvesting Earth’s Inexhaustible Supply of Heat and Energy on Wednesday, March 8, 2023. To schedule a meeting at the conference, please email [email protected].XGS Energy, formerly Geothermic Solution LLC (Source: XGS Energy)


More News