XGS Energy, a Palo Alto, CA-based geothermal energy technology company, raised $20M in Series A funding.
The round was led by Valo Ventures and VoLo Earth Ventures, and included participation from new investors B Current Impact Investment, MIH Capital, and individual inside investors, as well as additional funding from existing investor Thin Line Capital. The new financing built on the $9.7M round led by Constellation Technology Ventures earlier this year, and the $14M Series A investment led by Anzu Partners.
The company intends to use the funds to support its first commercial-scale project in California later this year and accelerate deployment of its proprietary water-independent geothermal technology across its global project pipeline.
Led by CEO Josh Prueher, XGS Energy provides a proprietary solid-state geothermal system that uses thermally conductive materials to deliver affordable energy anywhere there is hot rock. Its system improves geothermal energy production from its historical dependence on natural water resources and geological conditions, unlocking low-risk power project development, geographic flexibility, and deployment.
