Market map · Worldwide

Geothermal energy market map

23 geothermal energy startups worldwide that have raised money in rounds we track, placed in 4 segments by what each says it does. Together they have raised $883M; the biggest segment is geothermal power, with 11 companies.

23startups on the map
4segments
$883Mraised between them
Enhanced and closed-loop geothermalmost funded segment

Geothermal power

11

Geothermal heating and cooling

5

Drilling and exploration

4

Enhanced and closed-loop geothermal

3

Segment by segment

Geothermal power

11 startups · $341M raised

  1. ZanskarZanskar is an AI-native geothermal energy company based in Salt Lake City, Utah, founded in 2019.United States$155M
  2. Ram PowerRam Power is a renewable energy company engaged in the acquisition, development and operation of geothermal properties.Canada$77M
  3. Geothermal EngineeringGeothermal Engineering is engaged in the development of deep geothermal heat and power projects.United Kingdom$35M
  4. Critical EnergyCritical Energy is a clean energy startup based in Los Angeles, founded in 2024 by Spencer Jackson, a former SpaceX engineer.United States$19M
  5. Foro EnergyForo Energy is a technology company based in Houston, Texas, founded in 2009.United States$17M
  6. Baseload CapitalBaseload Capital leads partnerships to scale up geothermal energy: a 24/7 available source of clean power and heat.Sweden$13M
  7. Factor2 EnergyFactor2 Energy is a climate-tech company based in Duisburg, Germany, focused on developing CO2-based geothermal power systems.Germany$9.1M
  8. StrataphyStrataphy is a deep-tech geothermal cooling company based in Al Khobar, Saudi Arabia, founded in 2025.Saudi Arabia$6.0M

Geothermal heating and cooling

5 startups · $110M raised

  1. Dandelion EnergyDandelion Energy is a leading residential geothermal company based in Mount Kisco, New York.United States$56M
  2. RendescoRendesco's mission is to transform the heating business by creating geothermal networks using ground-source heat pump technology.United Kingdom$21M
  3. Geothermal InternationalGeothermal International is involved in the design and installation of heating and cooling systems.United Kingdom$19M
  4. Bedrock EnergyBedrock Energy is a clean-tech company based in Austin, Texas, founded in 2022.United States$12M
  5. AgroNergyAgroNergy is a French company founded in 2013, specializing in renewable heating solutions.France$2.4M

Drilling and exploration

4 startups · $56M raised

  1. GA DrillingGA Drilling is developing a groundbreaking drilling technology PLASMABIT that enables revolution in geothermal energy, massive cost savings.Slovakia$45M
  2. TeluraTelura is a deep-tech company based in Munich, Germany, specializing in geothermal energy through innovative drilling technology.Germany$4.7M
  3. BoroboticsBorobotics is a manufacturing company that offers autonomous drilling robot intended for geothermal drilling.Switzerland$4.5M
  4. Canopus Drilling SolutionsCanopus Drilling Solutions is a Dutch startup based in The Hague, founded in 2019.Netherlands$2.6M

Enhanced and closed-loop geothermal

3 startups · $375M raised

  1. Quaise EnergyQuaise Energy is a technology company founded in 2018, originating from the MIT Plasma Science and Fusion Center.United States$180M
  2. Mazama EnergyMazama Energy is a geothermal developer founded in March 2023 and based in Frisco, Texas, with a corporate office in Plano.United States$171M
  3. Hephae Energy TechnologyHephae Energy Technology is a Houston-based alternative energy company founded in 2020.United States$24M

How this map is made. Every startup here has raised money in rounds we track. It joins the map when its sectors, read from its rounds, or the opening of its own description say it works in geothermal energy, and goes to the first segment whose words it carries. Each segment shows its best-funded first. Rebuilt nightly; updated 15 November 2026.

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