Xgs energy Niue

What does XGS energy's new financing mean for geothermal technology?

Geothermal technology company XGS Energy announced an additional $9.7 million in new financing on Jan. 23. This new financing, led by Constellation Technology Ventures, will help demonstrate XGS’ upcoming Thermal Reach Enhancement (TRE) prototype.

Who is XGS energy?

Contact XGS Energy—the energy innovator making global deployment of terawatt-scale geothermal heat and power a reality. Reimagining geothermal energy with the first 24/7, carbon-free, scalable, truly closed-loop heat-harvesting system.

Does XGS energy have a series a financing?

PALO ALTO, Calif., May 21, 2024 -- ( BUSINESS WIRE )-- XGS Energy, an innovator in next-generation geothermal energy technology, today announced that it has completed $20 million in additional Series A financing.

What makes XGS energy scalable?

At XGS Energy, our unique heat harvesting technology makes geothermal energy scalable. The result? Global access to affordable, carbon-free 24/7 geothermal energy. We drill a single, directional well to access hot rock, targeting 250 °C or higher. We then establish a network of proprietary thermally conductive material around the wellbore.

Who is constellation & XGS energy?

"We are honored to have won the confidence of Constellation, the United States’ largest producer of clean, carbon-free energy, as well this impressive group of global financial and strategic investors," said Josh Prueher, CEO of XGS Energy.

Can XGS help accelerate the commercialization of emerging technology?

"We look forward to collaborating with XGS to help them accelerate the commercialization of an emerging technology that could play a key role in the clean energy transition," said Jorge Acevedo, Senior Vice President, Commercialization & Development at Constellation.