Rodatherm, a pioneer in next-generation geothermal energy, has closed an oversubscribed US$38 million Series A funding round. This is the largest first venture raise for a geothermal start up of all time. The financing was led by Evok Innovations and included participation from TDK Ventures, Toyota Ventures, TechEnergy Ventures, MCJ, Active Impact Investments, Renewal Funds, Grantham Foundation for the Protection of the Environment, Giga Investments, and others.
Operating in stealth since 2022 and with operations in both Calgary, Alberta, Canada, and Salt Lake City, Utah, Rodatherm has developed a novel fully cased, pressurised, closed-loop geothermal system that is optimised for hot sedimentary basins, enabling both conductive and convective heat transfer from the reservoir. Rodatherm’s working fluid is fully isolated and used directly in a power-generating turbine, achieving 50% higher efficiency than water-based binary-cycle geothermal systems, with exceptionally low operating and maintenance costs. Rodatherm’s advanced geothermal system is expected to achieve competitive levelized costs of energy with firm power, including fossil fuels, at early project scale and is designed to have a decades long operating life.
The Series A funds will be used to build and deploy Rodatherm's pilot geothermal system in Utah. This first module will validate Rodatherm’s system design at commercial scale, including secured offtake. Its production data will enable the expansion to a full 100 MW system at the same site leveraging non-dilutive project financing.
Key advantages of Rodatherm’s technology include:
- A well understood process cycle design, the system is analogous to a heat pump ‘at depth’.
- A thermodynamically closed system that can be placed in any reservoir environment with no concern for working fluid loss or contamination from the reservoir, significantly lowering operating and maintenance costs compared to competing systems.
- An optimised working fluid, which can extract the required heat from the underground reservoir with 5x less fluid compared to traditional water-based geothermal systems.
- A targeted operating life spanning multiple decades.
- No fresh water use and a small, energy dense surface footprint allowing for placement in sensitive populated areas.
- Composed of technologies that are fully mature and commercialised; the novelty lies in its patented, modular, and carefully designed system.
“The geothermal industry is at an inflection point, and Rodatherm is uniquely positioned to deliver a scalable, cost-effective solution for clean, secure baseload power,” said Curtis Cook, CEO of Rodatherm. “This funding allows us to commercialize our technology and validate our pathway to a full power development project that will make a significant impact on the energy transition.”
The oversubscribed round, led by Evok Innovations, features a multitude of investors across the deep tech ecosystem. Rodatherm’s inspiring vision, demonstrated progress, and proven ability to execute led to this landmark fundraise.
“Rodatherm’s breakthrough technology and proven leadership team have the potential to make clean, reliable, and affordable baseload power a global reality,” added Jane Kearns, Partner at Evok Innovations who has joined the Board of Directors . “At Evok, we are proud to back a team and system that can redefine what is possible for the energy transition.”
The financing included a group of leading corporate investors, including Toyota Ventures, TDK Ventures, and TechEnergy Ventures, who are committed to bringing significant strategic value to Rodatherm beyond their capital investment.
“At TDK Ventures, we seek to partner with entrepreneurs tackling the toughest problems in decarbonization,” concluded David Delfassy, Investment Director at TDK Ventures who has joined Rodatherm’s Board of Directors. “Rodatherm is uniquely positioned to bring geothermal energy to scale in the near term, without intensive capital requirements or decades-long timelines. That combination of vision and execution is rare, and it makes their approach especially compelling. I’m thrilled for us at TDK Ventures to bring our global expertise, technology, and network to help accelerate their journey and amplify their impact.”
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