XGS Energy Secures $9.7M in New Financing Led by Constellation Technology Ventures
Summary
The prototype builds on the successful completion of more than 24 months of lab testing and is a key milestone for XGS first commercial projects in the Western United States, Japan, and the Philippines. "XGS proprietary TRE system leverages materials 50 times more conductive than native rock to deliver high-efficiency thermal energy without dependence on water or geology. XGS technology can be deployed anywhere in the world, unlike traditional geothermal solutions that require access to hot water reservoirs and specific geological formations. "Similar to nuclear, geothermal energy offers a potential source of 24/7, zero-carbon power, and XGS is positioned to help address the need for exactly that as our grid moves away from reliance on fossil generation. With explosive growth of renewable energy, electric vehicles, and technologies to help society manage the effects of climate change, Thin Line Capital is deploying their second fund to invest in, and actively support, the early-stage companies that will lead this unprecedented transformation.