Stockholm-based Baseload Capital, a company specialised in scaling up geothermal energy worldwide, announced recently that it has secured €53M in a Series B funding round led by an investment from infrastructure fund ENGF.
The main investor behind ENGF is Ingka Investments – the investment arm of Ingka Group, the largest IKEA retailer.
Other shareholders participating in this round include Baker Hughes, Breakthrough Energy Ventures, and Gullspång Invest.
The company will use the funds to commercialise the company’s current portfolio of projects.
“The trust these renowned partners place in us is a testament both to what we at Baseload can achieve and to the fact that the geothermal industry is ready to scale up globally,” says Alexander Helling, CEO of Baseload Capital.
What does Baseload Capital aim to do?
Geothermal energy is the world’s largest untapped energy resource: clean and always on, available 24/7.
Led by Alexander Helling, the Swedish company aims to access the mostly untapped global potential, estimated at 200 GWe and 5000 GWth using existing technology. The current global installed capacity is 16.3 GWe and 173 GWth.
The US Department of Energy states that by 2050, geothermal resources combined with oil and gas technologies could offer 90-300 GW of clean energy in the U.S. annually.
While the geothermal industry drills about 800 wells a year, it lags far behind the oil and gas industry which drills about 60,000-70,000 annually.
With companies like Baker Hughes, Baseload Capital is accelerating geothermal development by incorporating over 100 years of knowledge, technology, and experience from the oil and gas industry.
“Geothermal is a crucial piece of the world’s energy mix, and we are excited to collaborate with Baseload Capital to scale up this critical technology,” says Ajit Menon, vice president of geothermal energy, Oilfield Services, and Equipment at Baker Hughes.
“Baker Hughes is committed to supporting lower carbon solutions through strategic collaborations with innovative companies like Baseload Capital,” adds Menon.
Baseload Capital and its Baseload Power subsidiaries operate in mature geothermal markets like Iceland, the US, and Japan, as well as in emerging markets like Taiwan.
In the latter, taking an active part in shaping the first-ever geothermal policies.
“We are delighted to be working with Baseload Capital and the other investors on this important energy infrastructure platform,” says Oskar Backman, Managing Director of ENGF.
“We strongly believe in the sector as it offers stable and carbon-free baseload electric capacity to the grid. Baseload has demonstrated its capabilities to develop a portfolio of geothermal projects, and we are thrilled to support the company through its next phase in commercialising its pipeline. As a business, we are committed to helping support the green transition and this partnership helps us deliver on our promise,” adds Backman.
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