Baseload Capital Secures €53M in Series B Funding: A Major Leap for Geothermal Energy
In a powerful stride towards revolutionizing the global energy landscape, Baseload Capital Sweden AB has successfully closed a €53 million Series B funding round. This monumental achievement signals a significant leap in scaling up geothermal energy—one of the world’s largest untapped and sustainable energy resources.
The Power Behind the Funding
Leading the charge in this Series B round is ENGF, a distinguished infrastructure fund backed by Ingka Investments, the financial powerhouse of the Ingka Group, the largest IKEA retailer. The round also attracted investments from energy technology giant Baker Hughes, Nefco, Breakthrough Energy Ventures, and Gullspång Invest. This robust investment lineup underscores the growing confidence in Baseload Capital's vision to unlock the geothermal energy sector's potential on a global scale.
A Vision to Transform the Energy Sector
Baseload Capital is not just another player in the renewable energy field; it is a trailblazer aiming to tap into the colossal potential of geothermal energy, which remains largely underutilized. With an estimated global potential of 200 GWe and 5000 GWth, geothermal energy presents an unparalleled opportunity to provide clean, reliable, and constant power. Yet, despite this immense potential, the installed global capacity today stands at a mere 16.3 GWe and 173 GWth.
The U.S. Department of Energy suggests that, with the right technological advancements, geothermal resources could provide between 90-300 GW of clean, firm capacity by 2050 in the U.S. alone. Baseload Capital, in partnership with industry giants like Baker Hughes, is positioned to bridge the gap between the geothermal and oil and gas industries, leveraging over a century of drilling experience to accelerate the development of geothermal projects worldwide.
The Green Transition on a Global Scale
Baseload Capital's efforts are not limited to traditional geothermal markets like Iceland, the U.S., and Japan. The company is also making significant inroads into emerging markets such as Taiwan, where it plays a pivotal role in shaping the country's first-ever geothermal policies. This global approach is crucial as Baseload Capital and its Baseload Power subsidiaries work to create a diversified and resilient portfolio of geothermal projects.
“This funding round is more than just a financial milestone,” said Alexander Helling, CEO of Baseload Capital. “It’s a testament to the trust that our partners place in us and to the readiness of the geothermal industry to scale up globally. We are at the cusp of an energy revolution, and geothermal will be a cornerstone of the world’s future energy mix.”
A Quality Mark of Sustainability
Baseload Capital's association with Breakthrough Energy Ventures (BEV) is particularly noteworthy. BEV, founded by visionary leaders like Bill Gates, invests only in companies that have the potential to reduce greenhouse gas emissions by at least half a gigaton. This backing not only validates Baseload Capital’s mission but also amplifies the impact it can have on mitigating climate change.
Strategic Partnerships for a Sustainable Future
The collaboration between Baseload Capital and its investors is a powerful example of how strategic partnerships can drive the green transition. “We strongly believe in the geothermal sector’s potential to provide stable and carbon-free baseload electric capacity to the grid,” said Oskar Backman, Managing Director of ENGF. “Baseload Capital has demonstrated its capability to develop a portfolio of geothermal projects, and we are thrilled to support the company through its next phase.”
Carmichael Roberts of Breakthrough Energy Ventures echoed this sentiment, highlighting geothermal energy's transformative potential. “Baseload Capital is showing the world how geothermal can meet the planet’s heat and power needs.”
A Future Powered by Geothermal Energy
With this substantial Series B funding, Baseload Capital is poised to scale up its operations, commercialize its project pipeline, and contribute significantly to reducing global carbon emissions. As a dispatchable source of power that can be harnessed from virtually anywhere on the planet, geothermal energy is set to play a critical role in the transition to a sustainable energy future.
Baseload Capital's groundbreaking work is not just a win for the company but for the entire planet, as it paves the way for a cleaner, more sustainable future.
For more information, please contact:
Kristina Hagström-Ilievska, CMO, Baseload Capital
kristina.hagstrom.ilievska@baseloadcap.com | Tel: +46 (0) 732330039
About Baseload Capital
Baseload Capital leads partnerships to scale up geothermal energy, a 24/7 available source of clean power and heat. With a global portfolio, Baseload Capital de-risks investments, expands the market, and accelerates learnings through collaboration with strong owners and partners.
Source:Baseload
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