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Distributed Geothermal Company Secures $9.7M In New Financing Led By Retail Supplier's Venture Investing Organization
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XGS Energy, a company focused on "next-generation" geothermal energy technology, announced that it has raised an additional $9.7 million.
The round was led by Constellation Technology Ventures, with BlueScopeX and Thin Line Capital, as well as individual inside investors.
Constellation Technology Ventures (CTV) is the venture investing organization within Constellation
"This new financing will accelerate XGS’ North American prototype demonstrating its proprietary Thermal Reach Enhancement™ (TRE) geothermal technology at full commercial scale," the company said
XGS said, "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 commercialization of an emerging technology that could play a key role in the clean energy transition," said Jorge Acevedo, Senior Vice President, Commercialization & Development at Constellation.
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January 24, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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