Sage Geosystems, a company pioneering Pressure Geothermal, closed over $97 million in Series B funding to advance its geothermal power generation and energy storage solutions, including its first commercial next-generation geothermal power generation facility.
Ormat Technologies and Carbon Direct Capital co-led Sage’s Series B round, representing the full backing of Sage and Pressure Geothermal technology from leaders in geothermal energy and growth capital. Sage’s clean, firm power and long-duration energy storage solutions will support the continued build-out of AI data centers.
Sage will deploy its first commercial Pressure Geothermal power generation facility at an existing Ormat power plant. The facility will use Sage’s proprietary technology to extract geothermal heat energy from hot dry rock, supplying reliable and affordable carbon-free power. Sage’s strategic commercial agreement with Ormat will accelerate the time needed to bring Pressure Geothermal to market and scale up to meet rising demand for firm power and energy independence.
“Pressure Geothermal is designed to be commercial, scalable, and deployable almost anywhere,” said Cindy Taff, CEO of Sage Geosystems. “This Series B allows us to prove that at commercial scale, reflecting strong conviction from partners who understand both the urgency of energy demand and the criticality of firm power.”
Sage’s next-generation Pressure Geothermal technology transforms the Earth’s natural heat and pressure into a reliable, secure, and commercial-scale energy source for power generation, long-duration energy storage, and district heating. Pressure Geothermal creates a fully engineered underground reservoir of hot water that expands and contracts with the Earth’s natural elasticity. By tapping into hot, dry rock formations found worldwide, Pressure Geothermal unlocks over 130 times more geothermal resource potential in the U.S. alone.
“This investment builds on the strong foundation we’ve established through our commercial agreement and reinforces Ormat’s commitment to accelerating geothermal development,” said Doron Blachar, CEO of Ormat Technologies. “Sage’s technical expertise and innovative approach are well aligned with Ormat’s strategy to move faster from concept to commercialization. We’re pleased to take this natural next step in a partnership we believe strongly in.”
“Enhanced Geothermal Systems (EGS) are extremely well-positioned to deliver for hyperscalers, who want clean firm power for their AI computing needs," said Jonathan Goldberg, CEO at Carbon Direct Capital. "Sage's pressurized EGS technology is advantaged on both economic and environmental evaluation criteria.”
In August 2024, Sage announced its partnership with Meta to deliver up to 150 MW of new geothermal baseload power at a location east of the Rocky Mountains in the U.S. to support Meta’s data center growth.
