Zanskar Raises $30M Funding

Zanskar Geothermal & Minerals, a Salt Lake City, UT-based geothermal exploration company, closed a $30M funding round.

The round was led by Obvious Ventures with participation from previous investors such as Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners, and First Star Ventures, as well as newcomer Clearvision Ventures.

The company intends to use the funds to accelerate technology development and advance its portfolio of greenfield power projects to serve new partnerships.

Led by Carl Hoiland, CEO, and Joel Edwards, CTO, Zanskar is an AI-native geothermal developer leveraging a suite of new technologies to improve the geothermal discovery and development process. In its work to decarbonize electricity generation, the company is generating a pipeline of new discoveries and increasing the scalability of geothermal power generation. Zanskar is currently hiring a number of high-impact roles. Please visit  to learn more.

Since its last fundraise in 2022, Zanskar has established itself as a leader in geothermal discovery. Public accomplishments include winning multiple contracts with the United States Department of Defense’s Defense Innovation Unit to explore new geothermal resources and advance their mission of energy resilience. In addition, its field data collection program collects more low-cost, early-stage field data every three months than what industry and academia combined did over the prior ten years. This early-stage field data program, in addition to rapidly iterating model predictions, enabled Zanskar to make more greenfield geothermal discoveries than the industry made over the prior ten years combined.