Sage Geosystems has closed a Series B funding round worth over US$97million to advance its geothermal power generation and energy storage solutions.
Co-led by Ormat Technologies and Carbon Direct Capital, the successful funding represents the full backing from leaders across the industry for Sage and Pressure Geothermal technologies.
Using the funding, Sage will deploy its first commercial Pressure Geothermal power generation facility at an Ormat power plant. The facility will use Sage’s technology to extract geothermal heat from hot dry rock in order to supply reliable and affordable clean energy.
Cindy Taff, CEO of Sage Geosystems, said, “Pressure Geothermal is designed to be commercial, scalable and deployable almost anywhere. This Series B allows us to prove that at a commercial scale, reflecting strong conviction from partners who understand both the urgency or energy demand and the criticality of firm power.”
Doron Blachar, CEO of Ormat technologies, commented, “This investment builds on the strong foundation we’ve established through our commercial agreement and reinforces Ormat’s commitment to accelerating geothermal development. Sage’s technical expertise and innovative approach are well aligned with Ormat’s strategy to move faster from concept to commercialisation. We’re pleased to take this natural next step in a partnership we believe strongly in.”
Pressure Geothermal creates a fully engineered underground reservoir of hot water which expands with the Earth’s elasticity. By tapping into hot, dry rock formations, Pressure Geothermal can unlock more than 130-times more geothermal resource potential in the US.