1
Country: USA | Funding: $225M
Quaise Energy is a geothermal startup that has developed technology for drilling ultra-hot rock. It aims to reduce geothermal energy costs by using a proprietary millimeter-wave drilling technology to produce more energy with fewer boreholes, drilling deeper into hotter rock. At greater depths, Quaise will replace the drill bit with an energy beam, essentially using microwaves to vaporize the rock. This process is intended to reduce downtime and replacement costs, making geothermal energy a more competitive energy source. To reach desired temperatures of 300-500C, Quaise will have to drill deeper than other enhanced geothermal systems.
Quaise Energy is a geothermal startup that has developed technology for drilling ultra-hot rock. It aims to reduce geothermal energy costs by using a proprietary millimeter-wave drilling technology to produce more energy with fewer boreholes, drilling deeper into hotter rock. At greater depths, Quaise will replace the drill bit with an energy beam, essentially using microwaves to vaporize the rock. This process is intended to reduce downtime and replacement costs, making geothermal energy a more competitive energy source. To reach desired temperatures of 300-500C, Quaise will have to drill deeper than other enhanced geothermal systems.
2
Country: USA | Funding: $1.5B
Fervo Energy is developing proprietary technology for developing and operating geothermal assets. Like its main competitors, Fervo uses hydraulic fracturing and directional drilling techniques borrowed from the oil and gas industry. However, Fervo can drill faster and deeper than existing geothermal developers to exploit hotter rocks and generate more energy at a lower cost. The startup is completing construction of its first large-scale power plant and has begun developing several other sites in the western US, where hot rocks are closer to the surface. Among its key investors is Google, which views geothermal energy as a potential solution for its data centers.
Fervo Energy is developing proprietary technology for developing and operating geothermal assets. Like its main competitors, Fervo uses hydraulic fracturing and directional drilling techniques borrowed from the oil and gas industry. However, Fervo can drill faster and deeper than existing geothermal developers to exploit hotter rocks and generate more energy at a lower cost. The startup is completing construction of its first large-scale power plant and has begun developing several other sites in the western US, where hot rocks are closer to the surface. Among its key investors is Google, which views geothermal energy as a potential solution for its data centers.
3
Country: Canada | Funding: $569.1M
Eavor is developing next-generation geothermal technologies. Unlike traditional geothermal systems (which require either direct access to hot aquifers or hydraulic fracturing), Eavor-Loop extracts heat from hot rock through conduction. Hot rock is found virtually everywhere beneath our feet, meaning Eavor can extract energy from virtually anywhere on the planet. Eavor-Loop is a closed-loop geothermal system drilled deep into the Earth via a series of multi-lateral wells. The system contains and circulates a patented working fluid that transfers heat from the rock. The fluid circulates naturally, without the need for an external pump, thanks to the thermosiphon effect. The heat is then used in commercial heating systems (e.g., greenhouses, district heating) or to generate electricity using conventional heat to power motors.
Eavor is developing next-generation geothermal technologies. Unlike traditional geothermal systems (which require either direct access to hot aquifers or hydraulic fracturing), Eavor-Loop extracts heat from hot rock through conduction. Hot rock is found virtually everywhere beneath our feet, meaning Eavor can extract energy from virtually anywhere on the planet. Eavor-Loop is a closed-loop geothermal system drilled deep into the Earth via a series of multi-lateral wells. The system contains and circulates a patented working fluid that transfers heat from the rock. The fluid circulates naturally, without the need for an external pump, thanks to the thermosiphon effect. The heat is then used in commercial heating systems (e.g., greenhouses, district heating) or to generate electricity using conventional heat to power motors.
4
Country: USA | Funding: $174.5M
Dandelion is an Alphabet spinout that develops geothermal heating, air-conditioning and cooling systems
Dandelion is an Alphabet spinout that develops geothermal heating, air-conditioning and cooling systems
5
Country: USA | Funding: $157.2M
Zanskar specializes in exploration and development of geothermal energy sources. It has developed AI platform for searching for geothermal deposits and constructs power plants at discovered sources. The company uses modern drilling and computational geophysics technologies to discover new resources, de-risk known resources, and mitigate the risk of "dry holes." Zanskar addresses key challenges hindering the rapid expansion of geothermal energy by reducing exploration costs and increasing the size of each geothermal deposit. Zanskar currently holds the industry's largest portfolio of conventional geothermal development projects across the western United States. For example, in 2024, Zanskar acquired the Lightning Dock geothermal power plant, which had been operating at low capacity for several years. In less than a year, Zanskar restored the plant to full capacity and is now supplying power to the grid after discovering and drilling in a deeper, hotter zone.
Zanskar specializes in exploration and development of geothermal energy sources. It has developed AI platform for searching for geothermal deposits and constructs power plants at discovered sources. The company uses modern drilling and computational geophysics technologies to discover new resources, de-risk known resources, and mitigate the risk of "dry holes." Zanskar addresses key challenges hindering the rapid expansion of geothermal energy by reducing exploration costs and increasing the size of each geothermal deposit. Zanskar currently holds the industry's largest portfolio of conventional geothermal development projects across the western United States. For example, in 2024, Zanskar acquired the Lightning Dock geothermal power plant, which had been operating at low capacity for several years. In less than a year, Zanskar restored the plant to full capacity and is now supplying power to the grid after discovering and drilling in a deeper, hotter zone.
6
Country: USA | Funding: $57M
XGS Energy is a geothermal heat harvesting technology company.
XGS Energy is a geothermal heat harvesting technology company.
7
Country: USA | Funding: $38M
A geothermal company that plumbs its boreholes with a closed loop
A geothermal company that plumbs its boreholes with a closed loop
8
Country: USA | Funding: $36.5M
AltaRock Energy focuses on the development of geothermal energy resources and Enhanced Geothermal Systems (EGS).
AltaRock Energy focuses on the development of geothermal energy resources and Enhanced Geothermal Systems (EGS).
9
Country: USA | Funding: $22.6M
GreenFire Energy develops and deploys innovative technology to unlock the world’s largest source of continuous renewable energy.
GreenFire Energy develops and deploys innovative technology to unlock the world’s largest source of continuous renewable energy.
10
Country: USA | Funding: $22M
Critical Energy is an energy based firm that generate electricity with the help of heat through modular and geothermal power plant. Its bet is less about drilling deeper than about building the bit above the ground faster. The startup treats a power plant as a product, not a construction project. Critical Energy’s units are container-sized turbines built mostly off-site, designed to be trucked in and switched on in weeks, then stacked together for larger sites. Critical Energy has a pilot in Los Angeles and its first commercial 2.5mn-watt project is due for completion in 2027.
Critical Energy is an energy based firm that generate electricity with the help of heat through modular and geothermal power plant. Its bet is less about drilling deeper than about building the bit above the ground faster. The startup treats a power plant as a product, not a construction project. Critical Energy’s units are container-sized turbines built mostly off-site, designed to be trucked in and switched on in weeks, then stacked together for larger sites. Critical Energy has a pilot in Los Angeles and its first commercial 2.5mn-watt project is due for completion in 2027.
11
Country: USA | Funding: $20.5M
Bedrock Energy develops drilling technology and advanced subsurface simulation software to enable geothermal heating and cooling.
Bedrock Energy develops drilling technology and advanced subsurface simulation software to enable geothermal heating and cooling.
12
Country: USA | Funding: $17M
Sage combines innovative approaches to heat harvesting with modern oilfield expertise and methodologies to enable geothermal energy anywhere in the world
Sage combines innovative approaches to heat harvesting with modern oilfield expertise and methodologies to enable geothermal energy anywhere in the world
13
Country: USA | Funding: $114M
Sage Geosystems develops geothermal and energy storage technologies that use subsurface heat and pressure to generate and store electricity.
Sage Geosystems develops geothermal and energy storage technologies that use subsurface heat and pressure to generate and store electricity.
14
Country: USA | Funding: $13.6M
ignis H2 Energy Inc is a Geothermal exploration and development company that mainly provides sustainable green energy.
ignis H2 Energy Inc is a Geothermal exploration and development company that mainly provides sustainable green energy.
15
Country: Canada | Funding: $5.8M
A deep-well advanced geothermal technology company and project developer, focusing on direct use opportunities.
A deep-well advanced geothermal technology company and project developer, focusing on direct use opportunities.
16
Country: Germany | Funding: €5.5M
Hades Mining is a modern mining firm that puts technology first. By accessing ultra-deep and stable heat reservoirs beneath the Earth’s crust, it unlocks geothermal energy at a new scale.
Hades Mining is a modern mining firm that puts technology first. By accessing ultra-deep and stable heat reservoirs beneath the Earth’s crust, it unlocks geothermal energy at a new scale.
17
Country: USA | Funding: $5M
Dig Energy produces purpose-built drilling technology to create highly efficient geothermal heating and cooling systems.
Dig Energy produces purpose-built drilling technology to create highly efficient geothermal heating and cooling systems.
18
Country: USA | Funding: $3.2M
Criterion Energy Partners is developing distributed energy projects to provide clean, reliable, always on energy using heat from the Earth
Criterion Energy Partners is developing distributed energy projects to provide clean, reliable, always on energy using heat from the Earth
20
Country: USA | Funding: $200K
Renascent Energy Management is a privately held, technology-focused energy firm that is looking at several geothermal technologies to implement in the US and abroad.
Renascent Energy Management is a privately held, technology-focused energy firm that is looking at several geothermal technologies to implement in the US and abroad.
21
Country: Denmark
Green Therma a pioneering geothermal tech company has developed an innovative deep geothermal-based closed loop heating solution “Heat4EverTM” offering indefinitely CO2-free, renewable energy once installed.
Green Therma a pioneering geothermal tech company has developed an innovative deep geothermal-based closed loop heating solution “Heat4EverTM” offering indefinitely CO2-free, renewable energy once installed.
23
Country: USA
Mazama Energy is a geothermal operator and development firm committed to developing new techniques and technology for removing heat.
Mazama Energy is a geothermal operator and development firm committed to developing new techniques and technology for removing heat.
