Sage Geosystems has closed over $97 million in Series B funding to advance its next-generation geothermal technology and build the world's first commercial Pressure Geothermal power generation facility. Ormat Technologies and Carbon Direct Capital co-led the round, signaling strong industry confidence in Pressure Geothermal as a viable solution for clean, reliable energy.
The funding represents backing from established players in both geothermal energy and growth capital. Sage's technology promises to deliver firm power and long-duration energy storage—critical infrastructure as AI data centers continue their rapid expansion across the country.
Sage will deploy its first commercial facility at an existing Ormat power plant. The project will use Sage's proprietary technology to extract geothermal heat energy from hot dry rock formations, providing reliable, carbon-free power without the geographic limitations of traditional geothermal systems.
The strategic partnership with Ormat aims to accelerate commercialization timelines and scale production to meet surging demand for firm power. Traditional geothermal requires specific geological conditions. Pressure Geothermal works with hot, dry rock found in far more locations worldwide.
"Pressure Geothermal is designed to be commercial, scalable, and deployable almost anywhere," said Cindy Taff, CEO of Sage Geosystems. "This Series B allows us to prove that at commercial scale, reflecting strong conviction from partners who understand both the urgency of energy demand and the criticality of firm power."
Sage's technology transforms the Earth's natural heat and pressure into a secure, commercial-scale energy source for power generation, long-duration storage, and district heating. The system creates a fully engineered underground reservoir of hot water that expands and contracts with the Earth's natural elasticity.
By accessing hot, dry rock formations available globally, Pressure Geothermal unlocks over 130 times more geothermal resource potential in the United States alone compared to conventional geothermal approaches. This dramatically expands where geothermal energy can be deployed.
"This investment builds on the strong foundation we've established through our commercial agreement and reinforces Ormat's commitment to accelerating geothermal development," said Doron Blachar, CEO of Ormat Technologies. "Sage's technical expertise and innovative approach are well aligned with Ormat's strategy to move faster from concept to commercialization. We're pleased to take this natural next step in a partnership we believe strongly in."
Jonathan Goldberg, CEO at Carbon Direct Capital, highlighted the technology's appeal for major tech companies. "Enhanced Geothermal Systems are extremely well-positioned to deliver for hyperscalers, who want clean firm power for their AI computing needs," said Goldberg. "Sage's pressurized EGS technology is advantaged on both economic and environmental evaluation criteria."
In August 2024, Sage announced a partnership with Meta to deliver up to 150 MW of new geothermal baseload power at a location east of the Rocky Mountains. The project will support Meta's data center growth as the company expands its AI infrastructure.
The Meta agreement demonstrates early commercial traction and validates market demand for Sage's approach. Data centers require continuous, reliable power—making geothermal an attractive alternative to fossil fuels or intermittent renewables.
Founded in 2020, Sage Geosystems brings together a leadership team with over 200 years of combined experience in the oil and gas industry. The company is applying drilling and subsurface engineering expertise to transform hot, dry rock into a commercial-scale energy source.
Sage's technologies are being deployed through landmark agreements with Meta, the U.S. Department of Defense, and Ormat. These partnerships position the company to scale rapidly as demand for clean firm power accelerates.
Beyond the co-lead investors, the Series B round includes new investors SiteGround Capital and The UC Berkeley Foundation's Climate Solutions Fund. Existing investors Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital, and Ignis H2 Energy also participated. Barclays served as the exclusive placement agent for the capital raise.
The diverse investor base reflects confidence across financial, industrial, and strategic partners. Ormat's dual role as both investor and commercial partner provides Sage with technical expertise and market access in the geothermal sector.
