XGS Energy, a Palo Alto, CA-based geothermal energy technology company, raised $19M in funding, including a $14M in Series A financing.
The round was led by Anzu Partners.
The company intends to use the funds to develop its geothermal heat harvesting technology.
XGS Energy provides access to carbon-free 24/7 power generation by increasing the scalability of geothermal energy through its heat harvesting technology.
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.