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Geothermal company XGS Energy intends to take advantage of Houston’s robust energy talent and infrastructure to grow its footprint.

Palo Alto-based startup XGS Energy has been a leader in delivering clean, reusable energy through its geothermal technology and is looking to expand to larger projects.

XGS Energy, a developer of geothermal heat harvesting technology based in Palo Alto, California, says that the demand for 24/7 clean energy is enormous and urgent, and is optimistic that the US cost target for next-generation geothermal systems can be achieved.

Young geothermal energy wells can be like budding prodigies, each brimming with potential to outshine their peers. But like people, most decline with age. In California, for example, the amount of electricity generated by geothermal power plants declined by 15% between 2001 and 2018, partly because existing wells degraded.

Geothermal startup XGS Energy has closed $20 million primarily to get a demonstration project up and running, the company tells Axios.

There’s growing support for the next generation of geothermal energy tech, which can improve its availability and efficiency, writes Katie.

At least six companies — including the latest, XGS Energy — looking to revitalize geothermal have closed financing rounds in the past six months.

Despite the huge potential of geothermal energy, two challenges, (1) ‘hard to find’ and (2) ‘hard to finance,’ have limited geothermal scale to date.

New Report from the “Pathways to Commercial Liftoff” Series Highlights Geothermal Energy’s Potential to Increase Production Twentyfold While Advancing the Clean Energy Transition

Backed by more than $28 million in fresh investments, XGS Energy is prepping to introduce a new technology called thermal reach enhancement.