Baseload Capital, a Swedish company scaling up geothermal energy worldwide, announced the closing of its €53 million Series B round of funding.
The Series B funding round was led by an investment from infrastructure fund ENGF. And the main investor behind ENGF is Ingka Investments (the investment arm of Ingka Group, the largest IKEA retailer). The other shareholders participating in this round include energy technology company Baker Hughes (investment was announced in 2023), Nefco, Breakthrough Energy Ventures, and Gullspång Invest.
Baseload Capital is pushing the boundaries for geothermal development by addressing underutilized resources and building a global collaborative portfolio of projects to scale the entire industry. The funds will be used to commercialize the company’s current portfolio of projects.
Geothermal energy is known as the world’s largest untapped energy resource: clean and always on, available 24/7. And Baseload Capital aims to unlock this largely unexploited global potential, estimated at 200 GWe and 5000 GWth with existing technology.
As one of the first European investments by Breakthrough Energy Ventures (BEV), Baseload Capital also features a certain quality mark as BEV only invests in companies that can reduce emissions by at least half a gigaton of greenhouse gases.
Baseload Capital and its Baseload Power subsidiaries operate in mature geothermal markets such as Iceland, the US, and Japan, and in emerging markets like Taiwan.
Vinge and DNB Markets acted as advisors in the Series B transaction.
KEY QUOTES:
“The trust these renowned partners place in us is a testament both to what we at Baseload can achieve and to the fact that the geothermal industry is ready to scale up globally.”
-Alexander Helling, CEO of Baseload Capital
“We are delighted to be working with Baseload Capital and the other investors on this important energy infrastructure platform. We strongly believe in the sector as it offers stable and carbon-free baseload electric capacity to the grid. Baseload has demonstrated its capabilities to develop a portfolio of geothermal projects, and we are thrilled to support the company through its next phase in commercializing its pipeline.”
“As a business we are committed to help support the green transition and this partnership helps us deliver on our promise.”
-Oskar Backman, Managing Director of ENGF
“As a dispatchable source of power that can be harnessed from anywhere on the planet, geothermal has the potential to transform the energy landscape by providing a constant stream of electricity. Baseload Capital is helping to accelerate the deployment of geothermal projects worldwide and showing the world how geothermal can meet the planet’s heat and power needs.”
-Carmichael Roberts, Breakthrough Energy Ventures
“Geothermal is a crucial piece of the world’s energy mix, and we are excited to collaborate with Baseload Capital to scale up this critical technology. Baker Hughes is committed to supporting lower carbon solutions through strategic collaborations with innovative companies like Baseload Capital.”
-Ajit Menon, vice president of geothermal energy, Oilfield Services and Equipment at Baker Hughes
