Geothermal heating and cooling start-up Bedrock Energy has received US$12mn Series A funding to advance the company’s technologies, as well as expand its deployment in Colorado, Utah and neighbouring states.
The funding was led by Titanium Ventures which was joined by Energy Impact Partners and Sustainable Future Ventures alongside existing investors Wireframe Ventures, Overture Ventures, Toba Capital, Elemental Impact, First Star Ventures and Cantos.
Joselyn Lai, Co-Founder and CEO of Bedrock Energy, said, “Heating and cooling buildings is the largest energy expense in real estate, and geothermal HVAC can cut that energy bill in half, improve resilience, and reduce air pollutants for residents by 90%.
“Bedrock’s innovations make geothermal installations so affordable that real estate developers and owners across the US can generate a strong financial return and boost their property values, with just their HVAC choice. We’re grateful that our investors share our conviction about unlocking geothermal for widespread scale, and humbled that they consider Bedrock to be the right team for the challenge.”
Bedrock Energy has made a place for itself within the geothermal industry by creating pioneering geothermal designs and installation technologies including advanced subsurface thermal simulation capabilities and an intelligent construction platform for geothermal borefield construction. These innovations are used to install geothermal heat pump systems for real estate owners at a faster rate, higher accuracy and performance, and stronger cost efficiencies.
By unlocking scalable geothermal heating and cooling as a resilient method of clean energy, Bedrock aims to save billions of dollars for both property owners and utilities alike.
“Geothermal energy has incredible promise as an always-on, 24/7 carbon-free source of power and heating and cooling. We believe that Bedrock Energy has developed several unique, integrated technologies that will dramatically open up the market for cost efficient geothermal heating and cooling of buildings and change the economics of this industry,” said Mark Sherman, Managing Partner for Titanium Ventures.
Throughout 2025, Bedrock plans to deploy new geothermal systems across Colorado, Utah and other western states, to build upon the company’s recently completed project in Morgan County, Utah and the ongoing work on a district geothermal system coming online later in the year for a business park in Hayden, Colorado.
Mathew Mendisco, Town Manager of Hayden, said, “We are excited to leverage [Bedrock’s] drilling innovations to help us supply resilient geothermal heating and cooling energy for a flagship economic development project in a coal transition community. Tapping into renewable subsurface energy right on-site is key to expecting construction timelines, lowering energy costs, and creating resiliency in mountainous regions like ours. Geothermal may be a valuable driver of successful coal transition, and Bedrock will be a key company in making that a reality in Northwest Colorado.”