CA-based XGS Energy secures $9.7M in funding. The round was led by Constellation Technology Ventures, with BlueScopeX and Thin Line Capital, as well as individual inside investors.
This new financing will accelerate XGS’ North American prototype demonstrating its proprietary Thermal Reach Enhancement™ (TRE) geothermal technology at full commercial scale as per reported by businesswire.com.
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XGS’ upcoming prototype will demonstrate the commercial readiness and scalability of its TRE technology and further validate its proprietary predictive performance models.
The prototype builds on the successful completion of more than 24 months of lab testing and is a key milestone for XGS’ first commercial projects in the Western United States, Japan, and the Philippines.
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Josh Prueher, CEO of XGS Energy said, “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, Their interest in XGS reflects the strength of our technology, intellectual property protections, world-class team, and unique potential to scale globally.”
Jorge Acevedo, Senior Vice President, Commercialization & Development at Constellation said, “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, Similar to nuclear, geothermal energy offers a potential source of 24/7, zero-carbon power, and XGS is positioned to help address the need for exactly that as our grid moves away from reliance on fossil generation.”
Craig Barrett, Chairman of the Board at XGS Energy and former CEO of Intel said, “We are pleased to welcome an impressive and diverse group of investors to rapidly advance XGS technology deployment, XGS has brought together the right team with the right technology to unleash the potential of geothermal energy.”
About XGS Energy
XGS Energy is a geothermal energy company founded and headquartered in Palo Alto, California. The company’s proprietary heat-harvesting technology and closed-loop well architecture enable global deployment of terawatt-scale geothermal heat and power.
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