ENGF
Assembly Line
Baseload Capital completes its €53M series B round to scale up geothermal energy
Baseload Capital, the Swedish company scaling up geothermal energy worldwide, announced the closing of its €53M Series B round of financing.
The Series B round was led by an investment from infrastructure fund ENGF. The main investor behind ENGF is Ingka Investments – the investment arm of Ingka Group, the largest IKEA retailer. Other shareholders participating in this round include energy technology company Baker Hughes – whose investment was announced in 2023 – Nefco, Breakthrough Energy Ventures, and Gullspång Invest.
Baseload Capital pushes the boundaries for geothermal development by addressing underutilized resources and building a global collaborative portfolio of projects to scale the entire industry. Funds will be used to commercialize the company’s current portfolio of projects.