There's no shortage of lists to summarize the past year. But here at Darcy, we have a unique data set with activity on Darcy Connect from over 10,000 energy company Connect Users. Our data highlights which innovators gained most attention on Darcy Connect through views, clicks, likes, follows, meetings scheduled, fundings, among others. Combined with analysis from our Research Team about technology developments and market traction, we have selected the Top Innovators from 2024 in each of our coverage channels. This is our way of saying: "these are the innovators that your peers are most interested in, so you should definitely go and learn more about them".

In this article, you will find the Innovators that made it on the list in the category of Geothermal.

But there is far more detail to look at than what you'll find here:

• The Innovator names are all linked to their Storefront, where you can find in-depth information on their products, business models, our Research Team's opinion, and Connect Users are even able to schedule meetings with the Innovators.

• Over the past and upcoming weeks, you will find weekly articles like this with Top lists from our Energy Transition Research Program as we work through the coverage areas of CCUS, Hydrogen, Low Carbon Fuels, and New Energies.

• Hydrogen & CCUS articles were followed by a Darcy Live Event.

  • Watch the State of Innovation: Hydrogen that took place on January 21, 2025.

  • Watch the State of Innovation: CCUS that took place on February 4, 2025.

The Top Innovators from 2024 in Geothermal are (in random order):

Drilling - Millimeter wave drilling

• Quaise Energy: Quaise develops millimeter wave drilling systems for deep geothermal heat access, targeting super-hot rocks (up to 500°C) and depths of up to 20 kilometers. In 2024, Quaise raised $21M in Series A and were able to successfully test their drilling rig combining conventional rotary drilling and millimeter wave drilling capabilities.

Power Generation - Enhanced Geothermal Systems (EGS)

• Fervo Energy: Fervo Energy is a company in the unconventional geothermal space. Founded in 2017, the company has developed an Enhanced Geothermal System (EGS) and tested it at multiple sites. Since its foundation, the company raised over $1B from which over $300M were raised in 2024 in a Growth Fund. In 2024, they also signed a power purchase agreement with Southern California Edison followed their successful well testing to produce MW level power.

Energy Storage - Geopressurized Systems

• Sage Geosystems: Sage Geosystems combines O&G expertise with Geothermal Energy to develop hybrid geothermal systems. In particular, during 2024, Sage raised $17M in a Series A followed by their successful testing of their Geothermal Geopressurized System for Underground Energy Storage. They also signed a number of deals and MoUs with partners across several industries such as O&G (CRC), Digital Solutions (Meta) and US Defense (Air Force).

Digital Solutions - Open Data and Mapping

• Project InnerSpace: Project InnerSpace is a multi-phase non-profit initiative focused on accelerating global geothermal prospecting and development. The organization brings together O&G and the innovative geothermal sector to accelerate its widespread adoption. In 2024, they worked with researchers and organizations across the US to build the North American GeoMap, a free tool that consolidates subsurface and surface information to improve project considerations and opportunities. The tool also includes a Techno Economic Assessment feature.

Heating & Cooling - Large scale GHP & TENs

• Bedrock Energy: Bedrock Energy is a developer of geothermal heating and cooling systems to help decarbonize buildings across the country. In particular, they developed a drilling rig that allows them to drill deeper - kilometer level - and faster - 3 to 6 times faster - than conventional geothermal systems. This places geothermal heating and cooling as a competitive technology to conventional HVACs while reducing energy consumption up to 75% in some cases. The company developed their first project in Austin Texas during 2024 showing successful results in terms of construction and operations.

Let us know if you have any questions or comments about this list in the comment section below. We're looking forward to another year of exciting and insightful research!