Bedrock Energy Raises $12M Series A to Scale Geothermal Heating and Cooling
Summary
The companys deployment teams use these innovations to install geothermal heat pump systems for real estate owners at faster schedule, higher accuracy and performance, and stronger cost efficiencies. We believe that Bedrock Energy has developed several unique, integrated technologies that will dramatically open up the market for cost efficient geothermal heating and cooling of buildings and change the economics of this industry, said Mark Sherman, Managing Partner for Titanium Ventures.With lighthouse expertise from the oil and gas sector, highlighted by co-founder and CTO Silviu Livescus experience as the Chief Scientist of Pressure Pumping at Baker Hughes, Bedrock is poised for significant growth, added Albert Bielinko, Titanium Ventures Alumnus. "In addition to energy savings, geothermal heating and cooling has an unparalleled impact on moderating power demand in extreme temperatures, bringing immense value to customers, utilities, and regulators alike. According to Oak Ridge National Laboratory1, adoption of geothermal heat pumps in 70% of U.S. buildings could avoid seven gigatons of carbon-equivalent emissions by 2050 and save 24,500 miles of transmission line construction by offsetting needs from the power grid.Amid the economy-wide trends of electrification across industries, reducing demand will only grow more critical in the years ahead, said Jenny Gao at Energy Impact Partners. We are excited to leverage their drilling innovations to help us supply resilient geothermal heating & cooling energy for a flagship economic development project in a coal transition community, said Mathew Mendisco, Town Manager of Hayden.