Valo Ventures
Assembly Line
Geothermal Innovator XGS Energy Completes Oversubscribed $20M Capital Raise
XGS Energy, an innovator in next-generation geothermal energy technology, announced that it has completed $20 million in additional Series A financing. The final close was led by Valo Ventures and VoLo Earth Ventures, and included financing from new investors B Current Impact Investment, MIH Capital, and individual inside investors, as well as additional funding from existing investor Thin Line Capital. This new financing builds on the $9.7 million round led by Constellation Technology Ventures earlier this year, and the $14M Series A investment led by Anzu Partners.
This financing will support XGS’ first commercial-scale project in California later this year and accelerate deployment of its proprietary water-independent geothermal technology across its global project pipeline. With over $40 million in total funding to date, XGS’s growing investor and partner network reflects the commercial promise of its technology and its potential to contribute to a clean, reliable, and affordable electricity grid.