Who Is Really Funding Next-Gen Geothermal in 2026? Next-generation geothermal has moved beyond laboratory research into a capital-intensive commercialization phase. In 2026, the most important financing is no longer coming from one investor category: venture capital funds are financing drilling, subsurface modelling and hardware; strategic energy companies are providing equipment, project access and market credibility; banks are beginning to lend against contracted projects; and governments are absorbing exploration and first-of-a-kind technology risk. The strongest financing activity is concentrated in the United States and Canada, but Europe is becoming increasingly important through Germany-based deployment, European Union grants, UK innovation support, and strategic participation from European energy companies. The central investment question is changing from “Can this technology work?” to “Can the developer deliver repeatable, financeable projects at commercial cost?” The 2026 fun...
A major step in superhot geothermal development, contract signed for the first IDDP-3 research well Iceland has long been a global leader in geothermal energy, but the latest development around the Iceland Deep Drilling Project, IDDP-3, pushes that reputation even further. Orkuveitan has signed a contract with Jarðboranir hf. to drill the first research well in the third phase of the project, marking a major milestone in the preparation of one of the most ambitious geothermal research efforts in the world. The drilling is expected to begin later this year at Nesjavellir, and the project could help unlock a new frontier in superhot geothermal energy. The announcement is significant not only for Iceland, but also for the global renewable energy sector, which is increasingly looking for scalable, high efficiency ways to deliver clean baseload power and high temperature heat . What superhot geothermal means for the energy transition Superhot geothermal refers to extremely high temperature...