$20 million in Series A finance was secured by Palo Alto, California-based XGS Energy, a geothermal energy technology firm.
Investors
- Valo Ventures
- VoLo Earth Ventures
- Thin Line Capital
- individual internal investors
- MIH Capital
- The $14 million Series A investment led by Anzu Partners and the $9.7 million round headed by Constellation Technology Ventures earlier this year served as the foundation for the additional funding.
Use of funds
With the money, the business plans to support its first commercial-scale project in California later this year and expedite the worldwide project pipeline’s implementation of its patented water-independent geothermal technology.
About XGS Energy
Under the direction of CEO Josh Prueher, XGS Energy offers reasonably priced energy wherever there is hot rock using a patented solid-state geothermal technology that makes use of thermally conductive materials. With the help of its technology, geothermal energy production can now be more effectively produced without relying on natural water resources and geological conditions. This increases project development, deployment flexibility, and low-risk power projects.
