Rodatherm, a pioneer in next-generation geothermal energy, has successfully closed an oversubscribed $38 million Series A funding round. This is the largest first venture raise for a geothermal startup of all time, underscoring the booming industry and ground-breaking technology Rodatherm has developed. The financing was led by Evok Innovations and included participation from TDK Ventures, Toyota Ventures, TechEnergy Ventures, MCJ, Grantham Foundation, Active Impact, Renewal Funds, Giga Investments, and others.

Operating in stealth since 2022 and with operations in both Calgary, Alberta, Canada, and Salt Lake City, Utah, Rodatherm has developed a novel fully cased, pressurized, closed-loop geothermal system that is optimized for hot sedimentary basins, enabling both conductive and convective heat transfer from the reservoir. Rodatherm’s working fluid is fully isolated and used directly in a power- generating turbine, achieving 50% higher efficiency than water-based binary-cycle geothermal systems, with exceptionally low operating and maintenance costs.

Rodatherm’s advanced geothermal system is expected to achieve competitive levelized costs of energy with firm power, including fossil fuels, at early project scale and is designed to have a decades long operating life. With this, Rodatherm has the potential to be one of the first truly firm, environmentally clean, scalable, and affordable energy generation technologies available, paving the way towards complete energy security.

The Series A funds will be used to build and deploy Rodatherm's pilot geothermal system in Utah. This first module will validate Rodatherm’s system design at commercial scale, including secured offtake. Its production data will enable the expansion to a full 100 MW system at the same site leveraging non-dilutive project financing.

Key advantages of Rodatherm’s technology include:

• A well understood process cycle design, the system is analogous to a heat pump “at depth”;

• A thermodynamically closed system that can be placed in any reservoir environment with no concern for working fluid loss or contamination from the reservoir, significantly lowering operating and maintenance costs compared to competing systems.

• An optimized working fluid, which can extract the required heat from the underground reservoir with 5x less fluid compared to traditional water-based geothermal systems;

• A targeted operating life spanning multiple decades

• No fresh water use; and a small, energy dense surface footprint allowing for placement in sensitive populated areas; and

• Rodatherm’s system is composed of technologies that are fully mature and commercialized; Rodatherm’s novelty lies in its patented, modular, and carefully designed system.

Let by CEO Curtis Cook, the Rodatherm team brings a fresh yet deeply informed perspective to geothermal, combining cutting-edge innovation with a clear understanding of the energy industry’soperational realities. Mr. Cook founded, led and built several successful energy corporations, including Vesta Energy Corp which commercialized a single well discovery into a successful company with an asset value over $1B. The team has broad energy industry experience and a history of working together effectively in high impact environments.

“The geothermal industry is at an inflection point, and Rodatherm is uniquely positioned to deliver a scalable, cost-effective solution for clean, secure baseload power,” said Curtis Cook, CEO of Rodatherm. “This funding allows us to commercialize our technology and validate our pathway to a full power development project that will make a significant impact on the energy transition.”

The oversubscribed round, led by Evok Innovations, features a multitude of investors across the deep tech ecosystem. Rodatherm’s inspiring vision, demonstrated progress, and proven ability to execute led to this landmark fundraise. "Geothermal is at an inflection point”, said Jane Kearns, Partner at Evok Innovations who has joined the Board of Directors. “Rodatherm’s breakthrough technology and proven leadership team have the potential to make clean, reliable, and affordable baseload power a global reality. At Evok, we are proud to back a team and system that can redefine what is possible for the energy transition.”

The financing included a group of leading corporate investors, including Toyota Ventures, TDK Ventures, and TechEnergy Ventures, who are committed to bringing significant strategic value to Rodatherm beyond their capital investment. “At TDK Ventures, we seek to partner with entrepreneurs tackling the toughest problems in decarbonization,” said David Delfassy, Investment Director at TDK Ventures who has joined Rodatherm’s Board of Directors.

“Rodatherm is uniquely positioned to bring geothermal energy to scale in the near term, without intensive capital requirements or decades-long timelines. That combination of vision and execution is rare, and it makes their approach especially compelling. I’m thrilled for us at TDK Ventures to bring our global expertise, technology, and network to help accelerate their journey and amplify their impact.”

If the economics and scalability of next generation technologies like Rodatherm’s are proven, geothermal has the potential to become one of the primary sources of energy worldwide. With surging demand in electricity and high willingness to pay for clean, firm, secure power, Rodatherm is uniquely positioned to lead this transition to a more secure future for energy.

About Rodatherm

With locations in Calgary, Alberta, Canada and Salt Lake City, UT, Rodatherm Energy Corporation is a privately held geothermal power generation company with a current focus on the Great Basin region in the Western United States and the potential to operate in many geographies globally. It consists of a team of seasoned energy professionals dedicated to clean, cost-effective, and reliable electricity generation. Distinguished by its pioneering Advanced Geothermal System (AGS), which utilizes a novel closed-loop design and working fluid to deliver highly efficient, low-cost, and firm geothermal power, the company possess a land base capable of sustaining hundreds of MW of versatile, long term, sustainable baseload and dispatchable power generation. For more information, visit Rodatherm Energy Corporation .