US geothermal technology company XGS Energy has raised $20m in additional Series A financing for its first commercial-scale project in California later this year. The funding was led by venture capital firms Valo Ventures and VoLo Earth Ventures, and included funding from new investors B Current Impact Investment, MIH Capital, and additional funding from existing investor Thin Line Capital. The prototype of XGS’ Thermal Reach Enhancement (TRE) technology will demonstrate the commercial readiness and scalability of the technology, which uses thermally conductive materials to deliver energy from hot rock. XGS’s system is designed to address the root causes preventing geothermal from achieving the same scale as solar, wind, and battery storage.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
