XGS Energy deployed a proprietary geothermal technology that utilizes a closed-loop heat-harvesting system. This system is built around their Thermal Reach Enhancement (TRE) technology. The system operates by circulating a working fluid within a closed-loop well, which is heated by underground rock formations before being returned to the surface to generate energy. It is not a water-intensive processes or does not require specific geological conditions, making it adaptable to a variety of locations.

Latest fundings and deals

January, 2024

• XGS Energy has secured $9.7 million in new financing, led by Constellation Technology Ventures with participation from BlueScopeX, Thin Line Capital, and other investors. This funding will accelerate the development of XGS Energy's North American prototype and its first commercial geothermal energy projects. The prototype will demonstrate the scalability and commercial readiness of XGS's proprietary Thermal Reach Enhancement™ (TRE) technology, which has undergone over 24 months of lab testing.

May, 2024

• Raised an additional $20 million in Series A financing. This brings their total funding to over $40 million.

• To build their first commercial project in California.

• Demonstrate their technology with a prototype in North America.

• New investors include Valo Ventures and VoLo Earth Ventures. Existing investors also participated, including Constellation Technology Ventures and Anzu Partners.

July, 2024

• Acquisition of Capuano Engineering, a provider of geothermal drilling and completion services.

• The acquisition will bring additional expertise in geothermal drilling and completion to XGS.

• Capuano Engineering will become a subsidiary of XGS while retaining its brand.

• The combined expertise aims to lead the next-generation geothermal market.

Roadmap

The company has the aim to launch its first commercial project in 2024 that will be water-independent. The project will be done in a geothermal brownfield in North America and will be part of a 14 GW project portfolio.

The business model of XGS Energy will vary depending on the market and the regional location:

• Owner of the project.

• Partnership with local allies to deploy the technology.

XGS Energy develops geothermal technology designed to provide continuous energy by utilizing thermally conductive materials to extract heat from underground rock formations.

• Modular design: XGS Energy’s system is modular, with each unit consisting of a single well that functions as a pipe-in-pipe heat exchanger.

• Water independence: System operates within a closed-loop, recycling water continuously with no loss.

• Materials science enhancement: Use of thermally conductive materials in XGS’s system enhances heat transfer from the rock to the well, improving the overall efficiency.

• Geological flexibility: The permeability or porosity of the rock is not a determining factor, allowing it to be effective across a wide range of geological conditions.

XGS Energy is developing and implementing geothermal energy solutions for different industries that require a renewable resource that is sustainable and reliable - could be for heating and cooling, industrial processes, and electricity generation, among others.