XGS Energy, a Houston, TX-based developer of next-generation geothermal power projects leveraging a proprietary water-independent technology, raised $13m in new financing.
The round included new investors Aligned Climate Capital, ClearSky, ClimateIC, and WovenEarth Ventures, in addition to inside investors. 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.
Led by Josh Prueher, Chief Executive Officer, XGS Energy provides a proprietary solid-state geothermal system that 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 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.
FinSMEs
26/03/2025