XGS Energy secures US$9.7 million in new financing
Published by Jessica Casey,
Editor
Energy Global,
XGS Energy, an innovator in next-generation geothermal energy technology, raised an additional US$9.7 million. 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 EnhancementTM (TRE) geothermal technology at full commercial scale.
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 laboratory testing and is a key milestone for XGS’ first commercial projects in the Western US, Japan, and the Philippines.
“We are honoured to have won the confidence of Constellation, the US’ 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. “Their interest in XGS reflects the strength of our technology, intellectual property protections, world-class team, and unique potential to scale globally.”
XGS’ proprietary TRE system leverages materials 50 times more conductive than native rock to deliver high-efficiency thermal energy without dependence on water or geology. XGS’ technology can be deployed anywhere in the world, unlike traditional geothermal solutions that require access to hot water reservoirs and specific geological formations.
“We look forward to collaborating with XGS to help them accelerate the commercialisation of an emerging technology that could play a key role in the clean energy transition,” added Jorge Acevedo, Senior Vice President, Commercialisation & Development at Constellation. “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.”
“We are pleased to welcome an impressive and diverse group of investors to rapidly advance XGS technology deployment,” concluded Craig Barrett, Chairman of the Board at XGS Energy and former CEO of Intel. “XGS has brought together the right team with the right technology to unleash the potential of geothermal energy.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Winter 2023 issue
The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.
Read the article online at: https://www.energyglobal.com/other-renewables/24012024/xgs-energy-secures-us97-million-in-new-financing/
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