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Sage Geosystems Raises $17 Million in Series A, Announces World’s First Commercial Geopressured Geothermal System (GGS) Facility

Feb 15, 2024•over 1 year ago

Amount Raised

$17 Million

Round Type

series a

HoustonRenewable EnergyOil And GasEnergy

Investors

Ignis Energy Inc.Nabors Industries Ltd.Virya, LlcHelium 3 VenturesArch MeredithChesapeake Energy Corporation

Description

Sage Geosystems announced the first close of $17 million in Series A funding led by Chesapeake Energy Corporation and joined by technology investor Arch Meredith, Helium-3 Ventures and with continued support from existing investors Virya, LLC, Nabors Industries Ltd., and Ignis Energy Inc. The proceeds will fully fund the first of its kind 3MW commercial Geopressured Geothermal System (GGS) facility, which will be built in Texas.

Company Information

Company

Sage Geosystems

Location

Houston, Texas, United States

About

Sage Geosystems is the first company to demonstrate the ability to deliver cost-effective and commercially viable new generation geothermal (i.e., hot dry rock) with the company’s proprietary GGS design. The company is headquartered in Houston, Texas.

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