Zanskar, the Salt Lake City–based geothermal exploration company redefining clean energy discovery through artificial intelligence, has raised US$115million in Series C funding, marking a major milestone following a record-breaking year of geothermal discoveries.
The funding round, led by Spring Lane Capital, brings Zanskar’s total equity investment to US$180million and positions the company for rapid expansion across the Western United States.
The fresh capital will be used to scale Zanskar’s AI-powered discovery platform and to begin constructing geothermal power plants at sites already identified within its multi-gigawatt development pipeline. These projects are expected to deliver clean, firm baseload power before 2030, addressing the growing demand for reliable renewable energy.
The Series C round drew strong participation from existing investors including Obvious Ventures, Union Square Ventures and Lowercarbon Capital, alongside a broad group of global energy, infrastructure and climate-focused funds. Notably, this represents the largest venture investment to date in AI-enabled geothermal discovery, highlighting a growing shift in confidence towards naturally occurring geothermal systems.
Carl Hoiland, CEO and Co-founder of Zanskar said, “We started Zanskar with the belief that AI would have as profound an impact on geothermal cost and scalability as modern drilling technologies have. It would do so by enabling us to find more hidden geothermal systems, and to produce more power from each of those systems, than legacy models assumed. The result is a terawatt-scale opportunity,” said
Zanskar’s AI-native platform integrates advanced machine learning with field-based geoscience, dramatically reducing exploration timelines and costs while increasing the potential output of each geothermal field. This approach has enabled the company to uncover gigawatts of previously undiscovered geothermal resources at a fraction of traditional costs.
Jason Scott, Partner and Entrepreneur in Residence, Spring Lane Capital added, “Spring Lane is excited to lead the Series C financing for Zanskar and join the Board of the company,”
Industry leaders believe Zanskar’s momentum could reshape America’s energy mix at a critical time. “They are positioning geothermal to be one of the cheapest, cleanest and safest energy sources in America—right when we need it most,” said Andrew Beebe, Managing Director at Obvious Ventures.
With hyperscalers, utilities and governments urgently seeking clean baseload power, Zanskar’s model demonstrates how AI-driven energy innovation can meet rising electricity demand sustainably and at scale.