Sage Geosystems has closed over $97 million in Series B funding to advance its Pressure Geothermal power generation and energy storage solutions, including its first commercial next-generation geothermal power generation facility. Ormat Technologies and Carbon Direct Capital co-led the round, which Sage says will support deployment of a commercial facility at an existing Ormat power plant and help scale what it describes as clean, firm power and long-duration energy storage for AI data center build-outs.

Sage says the first commercial facility will use its proprietary approach to extract geothermal heat energy from hot dry rock and deliver “reliable and affordable carbon-free power.” The company also says its Pressure Geothermal approach creates a fully engineered underground reservoir of hot water that expands and contracts with the Earth’s natural elasticity, with applications across power generation, long-duration energy storage, and district heating.

“Pressure Geothermal is designed to be commercial, scalable, and deployable almost anywhere,” said Cindy Taff, CEO of Sage Geosystems. “This Series B allows us to prove that at commercial scale, reflecting strong conviction from partners who understand both the urgency of energy demand and the criticality of firm power.”

For the data center market, Sage positions Pressure Geothermal as a source of clean, firm power and long-duration energy storage to support AI data centers. It also pointed to an August 2024 announcement of a partnership with Meta to deliver up to 150 MW of new geothermal baseload power at a location east of the Rocky Mountains in the US to support Meta’s data center growth.

Additional participants in the financing included new investors SiteGround Capital and The UC Berkeley Foundation’s Climate Solutions Fund, plus existing investors Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital, and Ignis H2 Energy. Sage said Barclays acted as its exclusive placement agent for the capital raise.

Source: Sage Geosystems