PALO ALTO, Calif.--(BUSINESS WIRE)--XGS Energy, a leader in geothermal energy technology, announced today that it has secured $19M in financing, including a $14M Series A led by Anzu Partners. XGS Energy will use this funding to develop its geothermal heat harvesting technology. Initially founded as Geothermic Solution LLC, the company has changed its name to XGS Energy, Inc.
XGS provides access to affordable, carbon-free 24/7 power generation by dramatically increasing the scalability of geothermal energy through its heat harvesting technology. XGS is uniquely positioned to address the growing needs for access to sustainable, local power generation and energy security.
Geothermal energy production can be one of the cheapest and most reliable sources of clean firm power, but scalability of deployment has been limited to date by requirements of rare geological formations and water availability. XGS technology eliminates these barriers, unlocking affordable, reliable, and carbon-free utility-scale power.
“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.”
Adding industry leaders to the Board of Directors
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.
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 firstname.lastname@example.org.
About XGS Energy
XGS Energy is a geothermal energy company founded and headquartered in Palo Alto, CA. The company’s proprietary heat harvesting technology and closed-loop well architecture enables global deployment of terawatt-scale geothermal heat and power.
For more information visit https://www.XGSEnergy.com