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XGS Energy raises USD 20 million in funding to advance commercial activities
Alternative Energy
May 21, 2024
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Alternative Energy

Alternative Energy

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May 21, 2024

XGS Energy raises USD 20 million in funding to advance commercial activities

Funding

  • XGS Energy, a US-based geothermal energy startup, has completed a USD 20 million additional Series A funding round led by Valo Ventures and VoLo Earth Ventures. This brings the company's total funding to USD 40 million.

  • XGS intends to use the funding to support its first commercial-scale project in California and accelerate the deployment of its geothermal energy.

  • Analyst QuickTake: This is XGS’ second funding round in 2024. Prior to this, in January 2024 , the company secured USD 9.7 million in funding in a round led by Constellation Technology Ventures. The company’s upcoming project will demonstrate the commercial readiness and scalability of its Thermal Reach Enhancement technology.

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