Ignis H2 Energy Inc., a geothermal exploration and development startup, has successfully closed its Series A funding round, raising US$12.5mn from a consortium of investors, including leading funds and private individuals.
The round was led by alfa8 and included Nabors Industries, a major drilling contractor, alongside existing shareholders, private investors, and family offices.
Unlike many geothermal startups that rely on a single technology or project, Ignis Energy has built a risk-balanced global portfolio. The company focuses on high-enthalpy geothermal resources across multiple locations, ensuring a diverse pipeline of sustainable energy projects. By applying proven technologies and drawing on the expertise of seasoned geothermal specialists, Ignis Energy enhances project success while mitigating development risks.
Currently, Ignis Energy has secured promising geothermal sites in Turkey, Alaska, California, Nevada, and Italy. The company has recently made significant progress in Turkey, where its first well in the Kaynarpinar license area successfully achieved artesian flow and commercial temperatures. Additionally, it has completed an MT survey at the Güzelkent site in Eastern Anatolia, paving the way for further exploration drilling.
With a mission to deliver affordable, reliable, and sustainable baseload geothermal energy, Ignis Energy integrates oil and gas expertise into its geothermal development strategy. It is pioneering the use of machine learning models to predict, locate, and explore geothermal resources more efficiently, leading to better drilling results and lower project risks. By 2030, Ignis Energy aims to establish 1 GW of documented producible geothermal reserves, as highlighted in the press release on AETOSWire.
Strategic investors backing geothermal growth
Alfa8: Investing in a sustainable future:
Alfa8 focuses on funding transformative technologies that drive the transition to sustainable energy. The firm prioritizes investments in geothermal innovation and next-generation renewables, backing companies committed to environmental responsibility.
"As a patient capital investor, alfa8 is dedicated to funding transformative ventures that address the energy crisis, drive the adoption of geothermal energy, and push the frontiers of maritime decarbonization and critical sustainability initiatives," said Erin Glenn, COO of alfa8.
Nabors Industries: Driving the future of geothermal exploration:
Nabors Industries, a leading energy technology provider operating in over 20 countries, is committed to advancing geothermal solutions as part of its energy transition strategy. The company leverages its expertise in drilling, automation, engineering, and data science to support breakthrough energy innovations.
"Ignis Energy will be a strong addition to our geothermal investment portfolio as we seek to catalyze breakthrough technologies and collaborate with experienced operators to deliver energy without compromise. We believe Ignis’ project portfolio and management team is best-in-class and we are pleased to collaborate with them on near-term projects and support their long-term growth, which we expect will include additional collaboration with Nabors’ other geothermal technology ventures," said Guillermo Sierra, vice-president, Strategic Initiatives at Nabors.
Accelerating geothermal energy development
Ignis Energy aims to scale geothermal power development across key markets through a technology-agnostic approach focused on high-enthalpy geothermal resources.
"We are a geothermal exploration and development company focused on building a risk-balanced portfolio of geothermal power plants across key global markets. By combining proven technologies, expert knowledge, and advanced data analytics, Ignis Energy is unlocking the full potential of geothermal resources and accelerating the transition to a cleaner, more sustainable energy future," said Richard Calleri, CEO of Ignis Energy.