Latest News

• Region: All
• Topics: Geothermal
• Date: 31 March, 2025

The International Geothermal Association (IGA) and the International Association of Drilling Contractors (IADC) have signed a MoU to formalise their efforts in driving the global geothermal industry forward.

• Region: Europe
• Topics: Geothermal
• Date: 31 March, 2025

Star Energy has signed an MoU with Bring Energy to explore the integration of geothermal energy into Southampton’s city centre.

• Region: North America
• Topics: Geothermal
• Date: 28 March, 2025

XGS Energy, a U.S.-based developer of next-generation geothermal power projects, has raised US$13mn in new financing to advance its proprietary water-independent geothermal technology. 

The oversubscribed funding included new investors Aligned Climate Capital, ClearSky, ClimateIC, and WovenEarth Ventures, alongside existing backers. This follows a previous 2024 investment round led by Constellation Technology Ventures, VoLo Earth Ventures, and Valo Ventures.

“We are excited to welcome new investors who appreciate the requirements of power infrastructure and understand how our unique technology unlocks a massive global development opportunity,” said Josh Prueher, CEO at XGS.

With this funding, Mano Nazar, ClearSky Senior Advisor and former Chief Nuclear Officer at NextEra Energy, will join the XGS Energy Board of Directors. "XGS’ advanced geothermal technology is uniquely positioned to deliver abundant energy to the grid faster than any other baseload energy technology at a time of unprecedented demand for energy resources,” said Nazar. “We are excited to partner with XGS to deliver on their mission of sustainable, reliable, and scalable geothermal energy.”

XGS has developed a modular, water-independent geothermal system designed to overcome the financial and geographical limitations that have traditionally restricted geothermal expansion. The company successfully conducted a shallow field test of its Thermal Reach Enhancement (TRE) technology in 2024 and is now operating its first commercial-scale well in California. This project has helped validate predictive performance models and accumulate critical operational data. The latest funding will help drive the development of XGS’ multi-gigawatt project pipeline, aligning with the growing need for baseload power solutions.

“As both venture and infrastructure investors, we evaluate every investment first and foremost through the lens of financeability,” said Peter Davidson, CEO of Aligned Climate Capital. “With its focus on minimizing exploration risk and optimizing for long-term predictability, XGS is systematically overcoming the barriers that have historically prevented geothermal from securing large-scale, low-risk project financing, unlocking a new era of geothermal scale.”

XGS plans to expand its workforce through the end of the year, growing from its headquarters in Houston, Texas, and will continue raising funds to support its growth strategy. “We are ramping commercial operations ahead of our planned growth equity round later this year, which will highlight the results of our first commercial-scale system plus our growing project pipeline,” said Lucy Darago, Chief Commercial Officer at XGS.

“We’re pleased to be partnering with XGS at this critical inflection point,” said Kevin Kimsa, Managing Partner at ClimateIC. “We are facing global energy supply challenges of unprecedented scale and urgency. The XGS team is uniquely primed to meet the moment, bringing together innovative technology and leading engineering talent with the deep experience in infrastructure development and financing critical to deploying large-scale energy systems at speed.”

• Region: Asia Pacific
• Topics: Geothermal
• Date: 27 March, 2025

PT Pertamina Geothermal Energy Tbk (PGE) has recorded a positive financial year through 2024 where the company reported revenues of US$407.12mn in line with the increasing demand for clean energy in Indonesia.

• Region: Europe
• Topics: Geothermal
• Date: 26 March 2025

Geothermal could transform the energy transition, yet many people still don't know much about it, meaning it’s time to rewrite the narrative, says one Swedish industry expert.

“We must reshape the narrative using storytelling and visuals to make geothermal appealing and simplify the message,” said Kristina Hagström Ilievska, chief marketing officer at Baseload Capital.

As a global investor, Baseload Capital has financed geothermal power plants across the globe, driving the industry's expansion. Its mission is to maintain a planet in balance by leading partnerships to scale up the geothermal industry. Ilievska is now on a mission to change the narrative around geothermal energy for the benefit of the whole renewable energy sector.

“Everyone is talking about quantum and AI, but no one is talking about the power needed to cool the data servers,” she said. “We are currently producing 8,000 gigawatts of electricity, and it needs to be tripled within five years. That means we have to find 16,000 gigawatts. She called it “a great opportunity” for the geothermal sector. “At least 10% of all electricity needs to be baseload,” she added.

“There is no crowd or competition in this race. There could be one hundred more companies working in geothermal, and we could all be successful.” The need for better communication within the geothermal sector spurred Ilievska to gather like-minded individuals and organisations in a bid to boost collaboration, resulting in a so-called Declaration of Communication. She said this presents the facts from half a decade of her work and explains why the industry needs a united voice and to follow clearer, actionable steps.

The aim is to have 1,000 geothermal ambassadors to sign the document, Ilievska said. She said it may be possible to learn from other industries in looking for a way forward, with geothermal facing similar branding challenges that solar once did. By studying how solar reshaped public perception — from expensive and impractical to affordable and essential — it may accelerate geothermal’s adoption, she noted. “They [the solar industry] made an exponential leap from being very expensive to being affordable. How can we do that for geothermal? There is a lot to learn; from their business models to how they used advocacy and lobbying to get their voices heard.”

• Region: North America
• Topics: Geothermal
• Date: 25 March, 2025

The Caribbean Development Bank (CDB), the UK’s Foreign, Commonwealth & Development Office (FCDO) and the Government of Grenada have signed a £10mn Memorandum of Understanding to support Grenada’s geothermal test drilling, further advancing the island’s green energy development.

• Region: Europe
• Topics: Geothermal
• Date: 24 March, 2025

Despite Europe being a high-temperature geothermal resource, the European Commission has failed to harness the full potential of this technology.

• Region: North America
• Topics: Geothermal
• Date: 21 March 2025

The US Department of Defence (DoD) is exploring the possibility of developing “utility-scale” geothermal power plants to supply electricity to military bases in the United States and abroad.

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

Philadelphia Gas Works (PGW) has released a Request for Proposals (RFP) seeking a firm to conduct a geothermal site survey and feasibility study in collaboration with the School District of Philadelphia (SDP).

• Region: Europe
• Topics: Geothermal
• Date: 19 March, 2025

Cornish Lithium has been granted planning permission to build the UK’s first commercial lithium production facility in Cornwall.

• Region: Europe
• Topics: Geothermal
• Date: 18 March, 2025

In an official letter addressed to the Croatian Prime Minister Andrej Plenković, the European Geothermal Energy Council (EGEC) commended Croatia’s leadership in geothermal energy, while outlining key steps to scale up development across the country and the European Union.

• Region: All
• Topics: Geothermal
• Date: 17 March, 2025

Syntholene Energy Corporation (Syntholene) has signed a binding Letter of Intent securing 20MW of geothermal power in a bid to deploy the world’s first geothermally-powered synthetic sustainable aviation fuel (eSAF) plant module.