XGS Energy Lands $13 Million to Power Geothermal Tech Advancement

Deal News | Mar 26, 2025 | Anzu Partners LLC

XGS Energy, a developer of advanced geothermal energy technologies, has announced the successful closure of a $13 million funding round. The financing involves new and existing investors, including Aligned Climate Capital and ClearSky, and adds to a previous investment led by Constellation Technology Ventures. The funds will expedite XGS Energy's quest to advance its modular geothermal systems that circumvent traditional water and geographical limitations. With Mano Nazar of ClearSky joining the Board of Directors, the company gears up to meet the burgeoning demand for sustainable energy. XGS is also planning a growth equity round to boost commercial operations. Their proprietary technology, which targets global scalability, has captured the attention of seasoned venture and infrastructure investors alike.

Sectors

  • Renewable Energy
  • Venture Capital

Geography

  • United States – The primary operations of XGS Energy are based in Houston, Texas, with commercial activities in California.

Industry

  • Renewable Energy – XGS Energy is developing geothermal energy solutions, a segment of the renewable energy industry.
  • Venture Capital – The article discusses investments by venture capital firms such as ClearSky and ClimateIC into XGS Energy's projects.

Financials

  • $13 million – The amount of new financing secured by XGS Energy in their latest funding round.
  • $1.9 billion – Assets under management at Aligned Climate Capital as of 12/31/23.

Participants

NameRoleTypeDescription
XGS EnergyTargetCompanyA developer of next-generation geothermal power projects based in Houston.
Anzu Partners LLCInvestorCompanyA private equity firm investing in breakthrough industrial and life sciences technologies.
Aligned Climate CapitalInvestorCompanyAn asset manager focused on the clean energy transition with $1.9 billion of assets under management.
ClearSkyInvestorCompanyA venture capital and growth equity fund manager specializing in energy transition technologies.
ClimateICInvestorCompanyA venture fund focused on climate tech innovations for decarbonizing the economy.
WovenEarth VenturesInvestorCompanyA fund of funds structure focusing on early-stage clean technology investments.
Josh PrueherCEOPersonChief Executive Officer of XGS Energy.
Mano NazarBoard MemberPersonClearSky Senior Advisor and former Chief Nuclear Officer of NextEra Energy, joining the Board of XGS Energy.
Peter DavidsonCEOPersonCEO of Aligned Climate Capital.
Lucy DaragoChief Commercial OfficerPersonCCO of XGS Energy, focusing on commercial operations and growth.
Kevin KimsaManaging PartnerPersonManaging Partner at ClimateIC.