Ignis H2 Energy, a geothermal exploration and development startup, has announced the successful first closing of its Series A funding round, raising $12.5m from a consortium of investors. The round was led by investment firm alfa8 and included contributions from drilling contractor Nabors Industries, as well as existing shareholders, private investors, and family offices.
Ignis Energy operates with a diversified approach to geothermal energy, managing a risk-balanced portfolio of power-producing projects in high-enthalpy regions worldwide. The company seeks to integrate multiple proven solutions and insights from a panel of geothermal experts to optimise project success.
It has already secured geothermal opportunities in Turkey, Alaska, California, Nevada, and Italy.
With a focus on providing affordable, reliable, and sustainable baseload geothermal energy, Ignis Energy applies expertise from the oil and gas industry to its geothermal exploration and development efforts. The company is also implementing advanced machine learning models to enhance the prediction, identification, and exploration of geothermal resources, aiming to improve drilling efficiency and reduce project risks.
Ignis Energy is targeting the development of one gigawatt of documented producible geothermal reserves by 2030, leveraging its growing portfolio across multiple geographies and geological formations.
Ignis Energy CEO Richard Calleri CEO of Ignis Energy stated “we are a geothermal exploration and development company focused on building a risk-balanced portfolio of geothermal power plants across key global markets. By combining proven technologies, expert knowledge, and advanced data analytics, Ignis Energy is unlocking the full potential of geothermal resources and accelerating the transition to a cleaner, more sustainable energy future.”
