fresh funding

Chesapeake Energy backs Houston geothermal tech co. in $17M series A

Houston-based Sage Geosystems announced the first close of $17 million round led by Chesapeake Energy Corp. Photo via sagegeosystems.com

A Houston geothermal startup has announced the close of its series A round of funding.

Houston-based Sage Geosystems announced the first close of $17 million round led by Chesapeake Energy Corp. The proceeds aim to fund its first commercial geopressured geothermal system facility, which will be built in Texas in Q4 of 2024. According to the company, the facility will be the first of its kind.

The venture is joined by technology investor Arch Meredith, Helium-3 Ventures and will include support from existing investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc.

“The first close of our Series A funding and our commercial facility are significant milestones in our mission to make geopressured geothermal system technologies a reality,” Cindy Taff, CEO of Sage Geosystems, says in a news release. “The success of our GGS technologies is not only critical to Sage Geosystems becoming post-revenue, but it is an essential step in accelerating the development of this proprietary geothermal baseload approach. This progress would not be possible without the ongoing support from our existing investors, and we look forward to continuing this work with our new investors.”

The 3-megawatt commercial facility will be called EarthStore and will use Sage’s technology that harvests energy from pressurized water from underground. The facility will be able to store energy — for short and long periods of time — and can be paired with intermittent renewable energy sources like wind and solar. It will also be able to provide baseload, dispatchable power, and inertia to the electric grid.

In 2023, Sage Geosystems debuted the EarthStore system in a full-scale commercial pilot project in Texas. The pilot produced 200 kilowatt for more than 18 hours, 1 megawatt for 30 minutes, and generated electricity with Pelton turbines. The system had a water loss of less than 2 percent and a round-trip efficiency (RTE) of 70-75.

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This article originally ran on InnovationMap.

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A View From HETI

Casimir’s semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. Photo via casimir.inc

Houston-based quantum energy technology startup Casimir Inc. has been awarded an STTR Phase I contract from the U.S. Space Force's SpaceWERX to support the development of the company's solid-state generator for potential use by the Department of the Air Force.

SpaceWERX is the innovation arm of the U.S. Space Force and a division within AFWERX, the incubator and innovation arm of the United States Department of the Air Force. The Air Force Research Laboratory and SpaceWERX, along with many other government agencies, help support innovation through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants and contracts.

As part of the new contract, Casimir will work to refine a fully independent generator. Casimir’s solid-state power technology could support national security missions by providing reliable power even in difficult-to-service environments.

In May, Casimir emerged from stealth, netting a $12 million seed round to commercialize its quantum energy chip. The semiconductor chips can generate power from quantum vacuum fields without the need for batteries or charging. The company aims to include the chips in large-scale energy systems that can power homes, commercial infrastructure and electric vehicles.

“This STTR funds some analysis work to address our proposed scaling approach of making our chips multi-layer to increase aggregate power,” Harold “Sonny” White, founder and CEO of Casimir, tells Energy Capital.

White adds that the company will work with Texas A&M to develop chip planarization techniques to support Casimir’s plans to scale. Additionally, White says the company is working with the U.S. Space Force to explore more applications for its technology.

“Casimir’s technology brings a new capability to the market in the form of our persistent power chips,” White adds. “This approach will be relevant to ultra-low-power electronics, and with the scaling approach we are developing, connected with the STTR work, will eventually be relevant to consumer electronics and beyond.”

Casimir has previously reported that it plans to commercialize its first-generation MicroSparc chip by 2028. The chips are expected to power devices for years without the need for replacements.

The total funding for this project has not yet been disclosed.

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