Rodatherm Energy Corporation, a geothermal start-up, has successfully raised US$38mn in a Series A funding round.
The financing was led by cleantech-focused Evok Innovations and will support the development of Rodatherm’s first pilot plant in Utah. This project aims to showcase the company’s proprietary closed-loop advanced geothermal system (AGS) technology.
The round was oversubscribed, receiving backing from several high-profile investors including TDK Ventures, Toyota Ventures, TechEnergy Ventures, MCJ, Grantham Foundation, Active Impact, Renewal Funds, and Giga Investments. According to industry observers, this marks the largest Series A funding round for a geothermal start-up to date.
Founded in 2022, Rodatherm has been operating under the radar with teams based in Calgary, Alberta, and Salt Lake City, Utah. Its technology uses a fully enclosed, pressurised closed-loop system tailored for hot sedimentary basins. The system facilitates both conductive and convective heat transfer into the working fluid, and has been shown to deliver "50% higher efficiency than water-based binary-cycle geothermal systems."
Rodatherm’s approach does not require fresh water, operates with a compact surface footprint, and is engineered to last for decades. The Utah pilot marks a critical step in demonstrating its real-world capabilities.