Ignis H2 Energy has announced the successful first closing of its Series A funding round, securing US$12.5mn from a consortium of investors.
The funding was led by alfa8 and includes a commitment from drilling contractor Nabors Industries, alongside investments from existing shareholders, private individuals and family offices.
Ignis Energy integrates extensive expertise from the oil and gas sector into geothermal exploration and development. The company pioneers the use of cutting-edge machine learning models to predict, locate and explore geothermal resources more efficiently which leads to better drilling outcomes. With a portfolio spanning globally (with opportunities already in the pipeline in Turkey, Alaska, US states Nevada and California, and Italy) Ignis is targeting the development of 1GW of documented producible geothermal reserves by 2030.
Richard Calleri, CEO of Ignis, stated, “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.”
In terms of the investors, alfa8 is a company committed to advancing technology which accelerates the global shift towards sustainable energy solutions, with a particular focus on geothermal innovation and next-generation renewables. COO Erin Glenn said, “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 frontier of maritime decarbonisation and critical sustainably initiatives.”
Nabors Industries has a presence in over 20 countries providing advanced technologies and aiming to innovate the future of energy to enable the transition of a lower carbon world. Spearheading advancements in geothermal tech and projects is a key focus for the company’s strategy.
Guillermo Sierra, VP, Strategic Initiatives at Narbors, commented, “Ignis Energy will be a strong addition to our geothermal investment portfolio as we seek to catalyse 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.”