⚡ Baseload Capital to invest $60 million in geothermal energy - IKEA and Bezos among investors

• Baseload Capital secures $60 million in a Series B funding round.
• Investors include ENGF, Baker Hughes, Nefco, Breakthrough Energy Ventures, and Gullspång Invest.
• Geothermal energy is a renewable energy source that can deliver electricity, heat, and cooling 24 hours a day, all year round.

Strong interest from major investors

Baseload Capital, a Swedish company working globally to scale up geothermal energy, has successfully closed a Series B funding round of $60 million. The round was led by the infrastructure fund ENGF, whose main investor is Ingka Investments, the investment arm of Ingka Group, IKEA's largest franchisee.

Other investors participating in the round include energy technology company Baker Hughes, Nefco, Breakthrough Energy Ventures (BEV), and Gullspång Invest. Baseload Capital's CEO Alexander Helling comments:

How geothermal energy works

Geothermal energy harnesses heat from the Earth's interior. To extract this energy, geologists search for underground resources of hot water, or aquifers. Once a resource has been identified, wells are drilled to reach it. The depth of these wells ranges from a few hundred meters to several kilometers.

The heat is then used to produce steam that drives turbines and generates electricity. In dry steam power plants, the fluids are hot enough to be near steam form, while flash steam power plants pump hot fluids from underground and use the pressure drop to convert them into steam.

Geothermal energy is a renewable energy source that can deliver electricity, heat, and cooling 24 hours a day, all year round. The global potential with conventional technology is estimated to be 200 GWe (electricity) and 5000 GWth (heat), but today's installed global capacity is only 16.3 GWe and 173 GWth.

Green baseload power

To accelerate the development of geothermal energy, Baseload Capital collaborates with companies like Baker Hughes. By integrating over 100 years of knowledge, technology, and experience from the oil and gas industry, geothermal development can be expedited.

According to the U.S. Department of Energy, geothermal resources utilizing technology from the oil and gas industry could supply the U.S. alone with 90-300 GW of green baseload power by 2050.

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