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Global Geothermal Power Market Review 2026.

Global Geothermal Power: Policies, Funding, Wells, Strengths, Opportunities and Barriers Geothermal is moving into a broader investment cycle. In 2026, the story is no longer limited to volcanic power plants in a few classic markets; it now includes enhanced geothermal systems, closed-loop designs, district heating, superhot rock, lithium from brines and industrial heat. Across the United States, Canada, Germany, the United Kingdom, Australia, New Zealand, Japan, Iceland, France and Italy, the sector is being shaped by a simple question: who is de-risking the first wells, and who is ready to finance the next ones?  United States: the next-generation testbed The United States has the broadest geothermal innovation ecosystem in this group, with a mature conventional base in the West and a fast-growing next-generation pipeline. The main policy signal in 2026 is the Department of Energy’s US$171.5 million funding opportunity for next-generation geothermal field-scale tests, exploration...

The $500 Billion Energy Revolution: How Geothermal is About to Change Everything

A Silent Energy Revolution is Underway Robert Buluma Image: Fumaroles emanating from the ground, a geothermal manifestation, credit: unsplash The global energy landscape is shifting. While solar and wind have dominated discussions on renewable energy, a new powerhouse is emerging  geothermal energy . Backed by investments from tech giants, oil majors, and governments, geothermal is quietly positioning itself as the next trillion-dollar industry. With the potential to replace fossil fuels, reshape economies, and revolutionize energy grids , geothermal is no longer a niche sector it’s the future of energy . In this article, we’ll explore why geothermal energy is set to explode, the key players driving this shift, and how it could disrupt traditional energy markets . The Key Players Betting on Geothermal Geothermal energy is no longer just the domain of specialized companies. Big Tech, oil giants, and governments are now pouring billions into the sector, recognizing its potential...

Powering the Future: How Geothermal Energy is Revolutionizing the Oil Industry Globally

Harnessing Geothermal Energy Alongside Oil: A Global Case Study   By:  Robert Buluma Geothermal energy, the heat derived from the Earth’s core, has long been recognized as a sustainable and reliable energy source. However, its integration with the oil and gas industry is a relatively new and exciting development. This case study explores how geothermal energy is being harnessed alongside oil globally, highlighting innovative projects, technological breakthroughs, and the synergies between these two industries.   The Synergy Between Geothermal and Oil Industries This Geothermal Decade saw a rise in Oil and Gas companies vouching for Geothermal Energy The oil and gas industry brings decades of expertise in subsurface exploration, drilling, and reservoir management—skills that are directly transferable to geothermal energy development. Both industries rely on similar technologies, such as directional drilling, hydraulic fracturing, and high-temperature equipment, m...

Baseload Capital Bags €53 M For Its Geothermal Quest

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 ju...

Repsol Creates an entity in it's quest of first tracking Geothermal and Hydrogen Energy

Exploring the Future of Energy: Repsol's Geothermal and Hydrogen Ventures By: Robert Buluma In a world clamoring for cleaner and sustainable energy solutions, Repsol, the renowned energy giant, is stepping boldly into the future. With a vision firmly fixed on reducing carbon emissions and embracing renewable energy,  Repsol has birthed a new entity: Repsol Earth Solutions Holding SL. Led by the visionary Josu Jon Imaz, this venture signifies  Repsol commitment to exploring the vast potential of geothermal energy and hydrogen. But what makes geothermal energy so compelling? Imagine tapping into the Earth's natural heat, harnessing it to power our cities and industries without harming the environment. It's not just a dream; it's a reality  Repsol is actively pursuing. Geothermal energy, often overlooked, is a game-changer in the quest for sustainable power. From the volcanic landscapes of the Canary Islands to the bustling streets of Madrid,  Repsol is leading the c...

Star Energy To Invest €25 Million Oil and Gas Proceeds In Geothermal Energy

Powering the Future: Star Energy Group Bold Move Towards Geothermal Energy By: Robert Buluma In a groundbreaking move towards sustainable energy, Star Energy Group (AIM: STAR) has just announced the closing of a new €25 million secured facility with Kommunalkredit Austria AG (Kommunalkredit). This financial boost marks a significant step in Star Energy's transition strategy, particularly focusing on geothermal energy while maintaining investments in conventional oil and gas businesses. Chris Hopkinson, the CEO of Star Energy expressed his excitement, stating, "Securing this facility is an important milestone for Star Energy. It allows us to use cashflows from our existing oil and gas business to optimize near-term conventional production and deliver our transition strategy; namely developing and monetizing our geothermal business in both the UK and Croatia." Evidently,Oil and gas companies have been going Geothermal and Today we've found a new neighbor What makes th...

Exxon Hints On Tapping Geothermal Energy AT An S&P Event

Unlocking Earth's Secret Power: Exploring the Potential of Geothermal Energy By: Robert Buluma In a world where the energy transition is gaining momentum, the quest for sustainable alternatives to fossil fuels has never been more crucial. Among the myriad of emerging solutions, one often overlooked yet immensely promising avenue is geothermal energy. This underdog in the renewables arena holds the key to unlocking Earth's secret power, and even industry giants like  Exxon are beginning to take notice. In an exclusive interview with Axios, Exxon CEO Darren Woods revealed the company's keen interest in the progression of geothermal technology. While  Exxon isn't currently actively pursuing geothermal ventures, Woods emphasized the potential alignment and synergies between geothermal energy and the company's existing expertise. With a cautious yet watchful eye,  Exxon recognizes the possibility of integrating geothermal energy into its portfolio, provided the right ...

Next Generation Geothermal Power, US DOE Publishes Pathways To Commercial Liftoff

Unleashing the Power: Next Generation Geothermal Energy Ventures By: Robert Buluma In the ever-evolving landscape of renewable energy, one path is gaining significant traction for its promise of clean, reliable, and economically viable power generation: next-generation geothermal energy ventures. These ventures represent not just a step, but a leap towards a future where sustainable energy sources dominate the market, and the status quo of traditional geothermal power is challenged. Let's embark on a journey through the pathways to commercial lift-off of these groundbreaking ventures and explore how they are reshaping the energy sector. Clean, Flexible, and Firm: Unlike some renewable sources, such as solar and wind, which are intermittent and weather-dependent, next-generation geothermal power offers consistent and reliable energy production. With minimal environmental footprint and no fuel costs, it stands out as a clean energy solution capable of meeting base-load power demands ...

Colombia Launches First Geothermal Auction

Unleashing Colombia's Geothermal Potential: A Step Towards Sustainable Energy By: Robert Buluma Colombia, renowned for its natural beauty and diverse landscapes, is gearing up for a groundbreaking endeavor in the realm of sustainable energy. In an announcement that reverberates with promise, the Agencia Nacional de Hidrocarburos (ANH) disclosed plans for the nation's inaugural geothermal round and auction slated for the latter half of 2024. The significance of this initiative cannot be overstated. It represents a pivotal stride towards harnessing Colombia's untapped geothermal potential, a move poised to redefine the country's energy landscape while championing environmental sustainability. Orlando Velandia Sepúlveda, President of ANH, underscored the magnitude of this endeavor, citing it as a concerted effort to capitalize on Colombia's inherent strengths. Collaborating seamlessly with the Ministry and the Servicio Geológico Colombiano, ANH has embarked on an exhau...

Teverra and Permian Development Lab To Develop Texas Geothermal Landscape

Unveiling Tomorrow's Energy Solutions: Permian Energy Development Lab and Teverra Join Forces By : Robert Buluma In the vast expanse of the Permian Basin, where oil and innovation flow in equal measure, a groundbreaking partnership has emerged to redefine the future of energy. Enter the Permian Energy Development Lab (PEDL) and Teverra, two visionary entities united by a shared commitment to pioneering advanced energy solutions. Hot off the press from the heart of Odessa, Texas, comes the announcement of a strategic alliance poised to revolutionize the energy landscape. With Teverra's expertise in geothermal energy, carbon storage, and cleaner oil and gas solutions, coupled with PEDL's dedication to research and collaboration, the stage is set for an electrifying journey towards sustainable energy. Teverra, a trailblazing technology company, has already marked its territory with a recent triumph—a coveted contract with Colorado to conduct a sweeping analysis of geothermal r...

White Bark and Ceraphi Sign Head of Terms To Develop Australian Geothermal Energy

Unveiling the Future of Renewable Energy: Whitebark Energy and CeraPhi Energy Join Forces By: Robert Buluma A Ceraphi drilling rig , image source Ceraphi  In a groundbreaking move towards sustainable energy solutions, Whitebark Energy Limited has forged a strategic partnership with international Geothermal Developer CeraPhi Energy. This collaboration signals a significant step forward in Australia's energy transition, particularly in the realm of geothermal power. Whitebark's recent acquisition of an exploration license application for Geothermal Energy (EPG) in the Greater Brisbane and Gold Coast Region sets the stage for a pioneering endeavor. Covering approximately 589 square kilometers, this tenement holds immense potential for the generation and sale of geothermal power, positioning Whitebark as a key player in the region's renewable energy landscape. Central to this partnership is CeraPhi Energy's cutting-edge technology, the CeraPhiWell™. This revolutionary close...

Quaise Raises $21 Million For Terrawatt-Scale Geothermal

 Unveiling the Future: Quaise Energy's Quest for Terawatt-Scale Geothermal Energy By:  Robert Buluma Image: Recent Core drilling set for ground works at Quaise In a world teetering on the brink of an energy revolution, one company is harnessing the power of the Earth itself to drive us towards a cleaner, brighter future. Quaise Energy, the brainchild of visionary minds and cutting-edge technology, has just secured a staggering $21 million in funding to propel its mission forward. But what exactly is Quaise Energy, and why should we all be paying attention? At its core, Quaise Energy is more than just a company; it's a beacon of hope in a landscape dominated by fossil fuels and climate concerns. By tapping into the virtually limitless potential of deep geothermal energy, Quaise is poised to revolutionize the way we power our world. But what sets deep geothermal energy apart from other renewable sources, you may ask? Well, for starters, deep geothermal power plants have the capa...

Eavor Goes Deeper in Geretesried In Search For Geothermal

Revolutionizing Energy Production: The Birth of Eavor Technology in Geretesried By: Robert Buluma In the picturesque town of Geretesried, nestled in the heart of Germany, a groundbreaking project is underway that promises to reshape the future of energy production as we know it. Welcome to the world of Eavor Technology – where innovation meets sustainability in a bid to tackle the pressing challenges of climate change and energy security. Imagine a technology that harnesses the Earth's natural heat to generate both electricity and warmth without emitting harmful greenhouse gases. Sounds like science fiction? Well, it's not. Thanks to the relentless efforts of visionaries and engineers, the world's first Eavor loop for heat and electricity is currently under construction right here in Geretesried. At the forefront of this remarkable endeavor is the ambitious drilling project that has reached an astonishing depth of 7000 meters beneath the Earth's surface. Achieving such ...

Yale To Drill 9 Geothermal Wells In A Quest Of Meeting Its Energy Demands

Harnessing Earth's Energy: Yale's Groundbreaking Geothermal Initiative By : Robert Buluma In a bold move towards sustainability, Yale University is set to revolutionize its campus heating and cooling systems by tapping into the Earth's natural resources. Imagine a world where buildings are kept comfortable year-round without relying on fossil fuels – well, that future is closer than you might think. At the forefront of this eco-friendly endeavor are architects and engineers working tirelessly to implement a cutting-edge geothermal energy system. Picture this: beneath the iconic "Science Hill," a hub of innovation nestled in the heart of Yale's campus, lies a network of 190 geothermal bores reaching a staggering 850 feet below ground. But what exactly is geothermal energy, and how does it work? Simply put, it harnesses the Earth's stable temperatures to regulate indoor climates. These geothermal bores act as conduits, circulating fluid that absorbs or dissi...

Baker Hughes Has Launched Geothermal Service Center In Celle

 Baker Hughes Launches Geothermal Service Center in Celle By  Robert Buluma Baker Hughes, a pioneer in geothermal energy for over four decades, marked a significant milestone on February 15th with the inauguration of its new Artificial Lift Geothermal Service Center in Celle. This state-of-the-art facility will serve as a hub for assembling, maintaining, and testing the company's geothermal pumps. From its inception in the 1980s with the installation of the first Electric Submersible Pump (ESP) to its current position with the deployment of the world's largest ESP motors across Europe and the USA, Baker Hughes has played a pivotal role in driving the energy transition. Gustavo Marin, Vice President of Artificial Lift Systems, expressed pride in the company's geothermal energy track record, affirming its commitment to supporting partners through the energy transition. The opening ceremony saw a gathering of esteemed customers and stakeholders, including Dr. Jörg Nigge, Mayor...

Eavor Technologies Secures Major Investment From Kajima For Geothermal Advancement

Eavor Technologies Secures Major Investment from Kajima for Geothermal Advancement By : Robert Buluma In a world grappling with the urgent need for sustainable energy solutions, Eavor Technologies Inc. emerges as a beacon of hope with its innovative geothermal technology, Eavor-Loop™. The recent Series B investment infusion from Kajima Corporation, one of Japan's construction giants, marks a significant milestone in the journey towards a greener and more sustainable future. A Partnership Rooted in Sustainability Eavor's pioneering approach to geothermal energy harnesses the Earth's natural geothermal gradient through its Eavor-Loop™ system, offering a clean, reliable, and affordable energy alternative. This aligns perfectly with Kajima Corporation's Environmental Vision of Triple Zero 2050, focusing on carbon neutrality, circular economy, and nature-positive practices. The partnership signifies not just a financial collaboration but a shared commitment to environmental ...

Whitebark Energy's Explores Australia Geothermal

Exploring Geothermal Energy Potential: Whitebark Energy's New Venture in Queensland By : In a significant move towards sustainable energy solutions, Whitebark Energy has recently been granted a geothermal exploration permit in Queensland, Australia. This development marks a pivotal step in harnessing the region's geothermal potential to contribute to the renewable energy landscape. The exploration permit, covering an area in the Greater Brisbane and Gold Coast region, opens doors for Whitebark Energy to delve into the possibilities of geothermal power generation. With an expansive permit area spanning approximately 589 square kilometers and consisting of 190 sub-blocks, the company is poised to explore geological conditions conducive to geothermal energy extraction. Geothermal energy, derived from the Earth's heat, offers a promising avenue for clean and sustainable power generation. Unlike fossil fuels, geothermal energy is renewable and emits minimal greenhouse gases, mak...

Geothermal Decade , Companies Strategies to Unravel Geothermal

Unveiling the Geothermal Decade: Companies Pioneering Innovation and Collaboration In the race towards a sustainable future, the Geothermal sector stands out as a beacon of hope, offering clean, renewable energy solutions. As we embark on what many are calling the "Geothermal decade," companies around the globe are unveiling strategies that promise to reshape the energy landscape. Let's delve into the innovative approaches and collaborative efforts driving this transformation. Primeval Geothermal Solutions:** Primeval's agnostic approach to solving Geothermal problems exemplifies adaptability and innovation in the industry. By focusing on versatile solutions, they pave the way for advancements in Geothermal technology. Google and Project Innerspace Collaboration: Teaming up with Project Innerspace, Google ventures into uncharted territory, leveraging cutting-edge technology to unlock the potential of Geothermal energy. This collaboration promises groundbreaking discov...

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Top 10 Critical Geothermal Energy Problems Costs Risks Seismicity

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Global Geothermal Power Market Review 2026.

Global Geothermal Power: Policies, Funding, Wells, Strengths, Opportunities and Barriers Geothermal is moving into a broader investment cycle. In 2026, the story is no longer limited to volcanic power plants in a few classic markets; it now includes enhanced geothermal systems, closed-loop designs, district heating, superhot rock, lithium from brines and industrial heat. Across the United States, Canada, Germany, the United Kingdom, Australia, New Zealand, Japan, Iceland, France and Italy, the sector is being shaped by a simple question: who is de-risking the first wells, and who is ready to finance the next ones?  United States: the next-generation testbed The United States has the broadest geothermal innovation ecosystem in this group, with a mature conventional base in the West and a fast-growing next-generation pipeline. The main policy signal in 2026 is the Department of Energy’s US$171.5 million funding opportunity for next-generation geothermal field-scale tests, exploration...

Serbia Advances Mišeluk Geothermal District Heating Project in Novi Sad

Serbia Advances Geothermal Drilling for the Mišeluk District Heating Plant in Novi Sad Serbia is moving forward with plans to develop a geothermal district heating system in Mišeluk, a rapidly urbanizing area of Novi Sad. The project is intended to place geothermal energy at the centre of a new low-carbon heating network, supported by solar power and natural gas backup. Exploratory drilling and construction of the heat distribution network are being carried out by JKP Novosadska toplana, Novi Sad’s public district heating utility. The initiative is supported through the United Nations Development Programme’s “Geothermal Energy in Serbia” programme, with financial backing from Slovakia.  The Mišeluk project is important not only because it could provide a new renewable heat source for Novi Sad, but also because it demonstrates how geothermal energy can be integrated into urban development from the earliest planning stages. Rather than retrofitting a geothermal system into an establi...

North America Geothermal Energy Investment Opportunities, Companies, Resources, and Market Outlook

Investment Opportunities in North American Geothermal Energy North America is entering a new investment cycle in geothermal energy. The United States offers the region’s deepest commercial market and the largest advanced-geothermal pipeline; Mexico provides proven high-temperature volcanic resources and an established utility-scale industry; while Canada presents an earlier-stage opportunity centered on sedimentary-basin geothermal, direct-use heating, closed-loop systems, and oil-and-gas technology transfer. The investment case now extends well beyond conventional geothermal power plants. It includes enhanced geothermal systems, advanced closed-loop systems, geothermal heat pumps, district heating, industrial heat, geothermal storage, lithium extraction from geothermal brines, data-center power, and hybrid renewable-energy projects. In the United States, utilities had already procured or agreed to procure 1,007 MW of next-generation geothermal capacity through 12 power-purchase agreem...

PT Geo Dipa Energi Launches Strategic Minor Overhaul Tender for Dieng Unit 1 to Strengthen Geothermal Reliability

PT Geo Dipa Energi Opens Tender for Minor Overhaul of Dieng Unit 1 in 2026 Image: Indonesian Geothermal power plant PT Geo Dipa Energi (Persero) has opened a tender for the minor overhaul of the Dieng Geothermal Power Plant Unit 1 in 2026, signaling a continued focus on preserving the reliability of one of Indonesia’s most important geothermal assets. The procurement is aimed at selecting a qualified contractor with proven experience in turbine and generator maintenance for thermal power plants, underscoring the technical complexity and operational importance of the work. The tender, identified as RKS-004-PST/GDE/I/2026, uses a post-qualification bidding method and applies strict administrative, technical, and safety requirements. The schedule places document registration and collection between 26 and 28 January 2026, followed by a mandatory RKS explanation session and field visit on 29 January 2026. Procurement Scope and Process The procurement procedure requires prospective bidders...

New Mexico Tribal Geothermal Development: Energy Sovereignty, Jobs, Investment

New Mexico’s Tribal Lands Poised for Geothermal Development: Opportunity, Challenges, and Pathways to Energy Sovereignty Image:  Located in Lordsburg, Lightning Dock is the only utility scale geothermal power plant in New Mexico. (BLM New Mexico via Flickr) Why geothermal matters for New Mexico tribes, nations, and pueblos Geothermal energy uses heat from the earth to produce electricity or heat buildings directly. For New Mexico — a state with abundant subsurface heat resources — geothermal offers a reliable, low‑emission complement to wind and solar. Unlike intermittent renewables, geothermal provides baseload power capable of supporting grid stability and reducing reliance on fossil fuels. For tribal communities, geothermal has particular appeal: it aligns with many Indigenous values around stewardship, can be developed with relatively low water demand compared with some thermal technologies, and offers long‑term revenue, jobs, and enhanced local control over energy resources. E...

Alphaxioms Interviews Rystad Energy: Geothermal's Inflection Point, Policy, and Drilling Breakthroughs

Geothermal at an Inflection Point: Why Policy, Conventional Resources, and Drilling Breakthroughs Will Define the Next Decade This interview was conducted by Robert Buluma on behalf of Alphaxioms,  responses delivered by  Alexandra Gerken Product manager, Geothermal solution at Rystad Energy   Introduction: The Strategic Crossroads for Geothermal Geothermal energy is entering a decisive phase. After decades of steady but regionally concentrated development, the sector now faces a confluence of technological innovation, policy ambition, and market demand that could either unlock global scale or confine geothermal to niche applications. Alexandra Gerken, Product Manager for Geothermal Solutions at  Rystad Energy , offers a clear-eyed assessment of where the industry stands, which technologies will drive near-term growth, and what must happen for geothermal to become a globally significant source of firm, low-carbon power. Her analysis emphasizes three pillars: the imme...

Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well

Green Therma Selects H&P to Drill Denmark’s Longest Geothermal Well for Aalborg Heat4Ever Demonstration Denmark is moving from geothermal ambition to execution. Green Therma has selected Helmerich & Payne to drill the Heat4Ever demonstration well near Aalborg, a project that could become one of the country’s most technically ambitious geothermal developments and a meaningful test of closed-loop district heating.   A milestone for Danish geothermal The Aalborg Heat4Ever project matters because it is designed to prove that geothermal heat can be delivered without relying on a natural hot-water reservoir. Instead of producing groundwater from a conventional geothermal field, the system uses a closed-loop pipe-in-pipe design that circulates the same fluid downhole, heats it in contact with hot rock, and returns it to the surface for district heating use.  That distinction is important for Denmark, where district heating is already a major part of the energy system ...

Texas Geothermal Energy Growth: RRC Permits, Geopressured Storage, and Shallow Well Expansion in 2026

Geothermal Energy Gains Ground in Texas Under RRC Leadership Texas is better known for oil and gas, but over the last three years the state has rapidly expanded its geothermal footprint under the regulatory oversight of the  Railroad Commission of Texas (RRC) . From permitting deep geopressured wells for long-duration energy storage to a surge in shallow closed-loop ground-source systems used for heating and cooling, geothermal technologies are moving from pilot projects into commercial-scale development. The RRC’s transfer of geothermal jurisdiction from the  Texas Commission on Environmental Quality (TCEQ) in September 2023, combined with carefully calibrated rules and a permissive permitting pathway, have helped accelerate deployment while preserving environmental and safety safeguards. This article examines the technical and regulatory developments that underpin the growth of geothermal energy in Texas, assesses commercial opportunities and constraints, and outlines the o...

Chicago’s Geothermal-Powered High-Rise Could Redefine Sustainable Urban Development

Chicago’s Geothermal-Powered High-Rise Could Redefine Sustainable Urban Development Chicago is preparing to welcome one of its first all-electric, geothermal-powered residential high-rises—a 33-story tower at 410 N. Elizabeth Street in Fulton Market. The project could demonstrate how large urban buildings can reduce fossil-fuel dependence, lower operating costs and cut carbon emissions without sacrificing density, comfort or year-round reliability.  A New Model for Chicago High-Rise Construction The 410 N. Elizabeth Street development is being built by Tree Street Group in partnership with Magellan Development Group and  Mark Goodman & Associates . The first phase will deliver 383 apartments, including 77 designated affordable units, while a planned second tower would bring the overall development to more than 724 residences and 146 affordable homes.  The project is also expected to include ground-floor retail, public green space and a 30-foot-wide pedestrian walkway...