California’s PALO ALTO — — Geothermal energy pioneer XGS Energy has raised USD 19 million in funding, including a USD 14 million Series A backed by Anzu Partners. With the help of this finance, XGS Energy will advance its geothermal heat-gathering technology. The business, formerly known as Geothermic Solution LLC, has changed its name to XGS Energy, Inc.
By the use of its heat collecting technology, XGS significantly improves the geothermal energy’s capacity for scalable 24/7 power generation. To meet the expanding need for local, sustainable power generation and energy security, XGS is in a unique position.
Although geothermal energy production has the potential to be one of the most affordable and dependable sources of clean industrial electricity, its implementation has so far been constrained by the need for specific geological formations and water availability. With these obstacles gone, utility-scale electricity becomes accessible, dependable, and carbon-free thanks to XGS technology.
Board Chair Craig Barrett, a former CEO of Intel, stated, “Anzu Partners and other new private investors join a strong investor syndicate at our firm, including Helmerich & Payne and other angel investors. “We anticipate that this finance will speed the development of new technologies.”
“XGS Energy’s technology is a groundbreaking method to accessing potentially limitless energy from hot rock deposits for the first time in the U.S. and around the globe,” stated David Seldin, Managing Partner at Anzu Partners. We are honored to join the brilliant engineers and scientists developing this low-cost baseload power technology.
Geothermal energy provider XGS Energy is situated in Palo Alto, California. Terawatt-scale geothermal heat and electricity deployment is possible worldwide because of the company’s exclusive heat harvesting technology and closed-loop well construction.
Four new directors joined the XGS Board in line with the increased funding:
- Martin Craighead, a former Baker Hughes CEO, and Chairman.
- Former Secretary of the Navy of the United States and Ambassador to Saudi Arabia, Ray Mabus. During his eight years in that position, Secretary Mabus launched significant energy security and sustainability projects for the U.S. Navy and Marine Corps.
- Dr. Khalid Alsweilem, formerly Chief Counselor and Director General of Investment at SAMA, the Saudi Arabian Arab Bank.
- Anzu Partners’ managing partner, David Seldin.
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