North America

• Date: 5th November 2025

In a further example of how geothermal is now successfully attracting more innovative financing, Good Carbon Co. (GCC) has closed a US$20mn loan with NY Green Bank (NYGB), to support the installation of geothermal heating and cooling systems across its housing portfolio in the Buffalo region.

The facility — the first publicly announced Investment Tax Credit (ITC) transferability bridge loan for geothermal heating and cooling technology — allows GCC to further accelerate its mission of developing deeply decarbonised affordable housing.

It is expected to finance around 25 geothermal systems at affordable multifamily housing properties in the area, in New York State.

“This initiative demonstrates how innovative financing can accelerate the transition to clean, equitable energy,” said Adam Serbert, GCC’s President and CEO.

“By pairing federal Investment Tax Credits with sustainable technologies like geothermal systems, we’re enabling affordable housing communities to benefit from stable, carbon-free energy for decades to come.”

The intention is to grow multifamily affordable housing developments in the Buffalo area, boosting energy efficiency, cutting fossil fuel reliance and helping keep energy costs steady for residents in the process.

Geothermal systems leverage underground heat to provide highly efficient, carbon-free HVAC services to residents and are eligible for full federal Investment Tax Credits if construction starts by the end of 2033.

By unlocking federal Investment Tax Credits, the facility will accelerate deployment of clean energy solutions while supporting equitable housing and community benefits, a GCC statement noted.

The new facility builds on an existing loan between GCC and NYGB, which provided bridge funding for state-level clean energy incentives that GCC’s renovations qualify for.

“NY Green Bank is proud to support Good Carbon Co. on this pioneering transaction,” said Kelsey Clair, NYGB’s Managing Director, Investment and Portfolio Management.

“As the first publicly announced ITC transferability bridge loan in geothermal, this deal demonstrates the viable investment opportunity of geothermal heating systems in a residential setting while also ensuring that more New Yorkers can enjoy comfortable heating and cooling in their homes.”

• Date: 30th October 2025

Mazama Energy, Inc.backed by Khosla Ventures and Gates Frontier has achieved a major milestone in clean energy.

• Region: North America
• Topics: Geothermal
• Date: 29th October 2025

Fervo Energy has announced the launch of the Geothermal Sustainable Development Pact, a new framework designed to establish top-tier standards for how geothermal projects are planned, constructed, and operated.

• Region: All
• Topics: Geothermal
• Date: 28 October, 2025

The two companies have agreed to fast-track the development and commercialisation of integrated geothermal assets, including an EGS pilot project at an Ormat site.

• Region: North America
• Topics: Geothermal
• Date: 20 October, 2025

The Colorado Energy Office has announced US$7.3mn in awards through the third cycle of the Colorado Geothermal Energy Tax Credit Offering (GETCO).

• Region: North America
• Topics: Geothermal
• Date: 17 October, 2025

A new coalition, the Canadian Deep Geothermal Coalition, has been officially formed to propel Canada to the forefront of the global geothermal energy landscape.

• Region: North America
• Topics: Geothermal
• Date: 14th October 2025

Calpine Corporation this week marked the 65th anniversary of The Geysers, one of the world's largest and most productive geothermal energy sites.

The milestone reflects more than six decades of innovation, partnership and sustainable power generation in Northern California, the company said in a media release.

Calpine Corporation is America's largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets.

Since commercial operations began in 1960, The Geysers has been at the forefront of California's energy transformation, producing reliable, around-the-clock renewable power using steam heated by the Earth's core.

Today, Calpine's 13 geothermal power plants across the 45-square-mile terrain generate enough renewable electricity to power approximately 725,000 homes annually.

“The success of The Geysers over the past 65 years is a testament to the people who have cared for it: hardworking, committed individuals who view stewardship as both a duty and a privilege,” said Aimee Blaine, Calpine's Senior Vice President, Geothermal Region.

Calpine has nearly 300 employees and 150 contractors who live and work in Lake and Sonoma Counties, who have helped make The Geysers a “global model for responsible geothermal development” and a cornerstone of California's renewable energy portfolio, the company stated.

“Together with our partners and community, we have built a deep connection to each other and this land,” said Blaine.

“Our shared pride in this work has helped The Geysers remain a global leader in geothermal energy production and environmental responsibility."

To commemorate the milestone, Calpine donated US$65,000 to the Clear Lake Environmental Research Centre (CLERC), a community-based non-profit focused on protecting and restoring the Clear Lake watershed and surrounding ecosystems.

Working across Lake and Sonoma Counties, CLERC coordinates wildfire prevention and habitat restoration efforts.It also brings together science, education and collaboration with local partners and tribes to build a more resilient and sustainable future for Northern California.

California State Senate President pro Tempore Mike McGuire called The Geysers a genuine feat of engineering and dedication.

“And Calpine's commitment to expanding renewable energy while protecting our natural resources is proof that innovation and sustainability are perfect partners in the world's fourth-largest economy.”

He added: “65 years is an incredible milestone for geothermal energy here in Lake and Sonoma counties, and we all look forward to what's ahead as the iconic Geysers continue to help shape California's transition to clean energy for the next generation.”

• Region: North America
• Topics: Geothermal
• Date: 13 October, 2025

Geothermal energy in North America is undergoing a transformative moment.

• Region: North America
• Topics: Geothermal
• Date: 3 October, 2025

Turboden America LLC., a subsidiary of Turboden S.p.A, part of the Mitsubishi Heavy Industries Group, has announced the award of Phase II of the landmark Cape Station geothermal project in Utah, USA.

• Region: North America
• Topics: Geothermal
• Date: 1 October, 2025

North America is helping to drive momentum in the global geothermal sector, with the region seeing increased activity relative to other parts of the globe in recent times.

While the number of next-generation geothermal project announcements plateaued elsewhere, North America continued to increase its global share – acting as a key driver of pipeline expansion, according to a recent Wood Mackenzie report.

A total of 260 MW of new Advanced Geothermal Systems (AGS) power capacity was announced in the the USA during Q2 2025, raising un-risked AGS capacity to 20% of the overall US project pipeline — up from just 2% in the same period last year, the report noted.

Next-generation geothermal technologies, especially, are creating a new buzz of excitement around the sector, it noted.

Moreover, the growth of the data centre industry, and collaborations with geothermal energy partners, continue to boost and strengthen the next-gen project pipeline.

AGS comprises a closed-loop system that circulates fluid through the subsurface while avoiding direct contact with rock or groundwater. Unlike conventional geothermal, it can be used almost anywhere.

Other next-gen technologies include enhanced geothermal systems (EGS), whereby fluid is injected into hot rocks to increase permeability; Geopressured Geothermal Systems (GGS), which extract energy from high-pressure, high-temperature reservoirs of water containing dissolved methane; and superhot rock, which involves harnessing geothermal energy from extremely hot, dry rocks found deep underground.

According to Wood Mackenzie, US policy momentum and funding is also accelerating.

“The US government’s backing for direct lithium extraction (DLE) project ATLiS, with its co-located geothermal project, accounted for most public funding of geothermal in North America in Q1 – and a significant proportion of global funding,” the energy consultancy noted in an opinion piece.

Taking AtLiS out of the equation, total public funding for geothermal globally increased by 57% between Q1 and Q2 2025, to hit US$400mn – helped by strategic reforms, incentives and international alliances, it added.

The focus was on core geothermal projects covering conventional and next-generation technologies.

Investor confidence also remains strong, Wood Mackenzie added, with next-generation startups including Fervo, XGS, Eavor and Green Therma raising a total of US$319mn during Q2.

That sum represents 14% of all money invested in next-gen geothermal since 2019, and brings the total amount secured between 2019 and 2025 to a healthy US$2.2bn.

• Region: North America
• Topics: Geothermal
• Date: 1 October, 2025

XGS Energy has announced the successful operation of its proprietary water-independent technology system at commercial scale for more than 3,000 hours, becoming the first company to achieve this milestone.

• Region: North America
• Topics: Geothermal
• Date: 17 September, 2025

Rodatherm Energy Corporation, a geothermal start-up, has successfully raised US$38mn in a Series A funding round.