Bedrock Energy, a geothermal heating and cooling company, announced a $12 million Series A led by Titanium Ventures. And Energy Impact Partners and Sustainable Future Ventures joined alongside existing investors Wireframe Ventures, Overture Ventures, Toba Capital, Elemental Impact, First Star Ventures, and Cantos. The funding round will support the continued advancement of Bedrock’s technologies and expanded deployment in Colorado, Utah, and neighboring states.
Bedrock Energy pioneered geothermal design and installation technologies, including advanced subsurface thermal simulation capabilities and an intelligent construction platform for geothermal borefield construction. The company’s deployment teams use these innovations to install geothermal heat pump systems for real estate owners at a faster schedule, with higher accuracy and performance and more substantial cost efficiencies. These systems range from single-structure commercial buildings to connected district systems serving multiple lots. By unlocking scalable geothermal heating and cooling as a resilient and always-on category of distributed clean energy, Bedrock aims to save billions of dollars for both property owners and utilities.
Bedrock plans to deploy new geothermal systems across Colorado, Utah, and other Mountain West states this year. And this expansion builds upon the company’s recently completed project in Morgan County, Utah, and ongoing work on a district geothermal system coming online in 2025 for a new business park in Hayden, Colorado. The latter project is supported by the Colorado Energy Office, Colorado Department of Local Affairs, Northwest Colorado Business District, and the Town of Hayden.
KEY QUOTES:
“Heating and cooling buildings is the largest energy expense in real estate, and geothermal HVAC can cut that energy bill in half, improve resilience, and reduce air pollutants for residents by 90%. Bedrock’s innovations make geothermal installations so affordable that real estate developers and owners across the US can generate a strong financial return and boost their property values, with just their HVAC choice. We’re grateful that our investors share our conviction about unlocking geothermal for widespread scale, and humbled that they consider Bedrock to be the right team for the challenge.”
– Joselyn Lai, co-founder and CEO, Bedrock Energy
“Geothermal energy has incredible promise as an always-on, 24/7 carbon-free source of power and heating and cooling. We believe that Bedrock Energy has developed several unique, integrated technologies that will dramatically open up the market for cost efficient geothermal heating and cooling of buildings and change the economics of this industry.”
– Mark Sherman, Managing Partner for Titanium Ventures
“With lighthouse expertise from the oil and gas sector, highlighted by co-founder and CTO Silviu Livescu’s experience as the Chief Scientist of Pressure Pumping at Baker Hughes, Bedrock is poised for significant growth. We’ve been so impressed by Jos, Silviu, and the early lead they have established in this space.”
– Albert Bielinko, Titanium Ventures Alumnus
“Amid the economy-wide trends of electrification across industries, reducing demand will only grow more critical in the years ahead. We need to electrify quickly, yet deliberately; Bedrock exemplifies this approach as well as any company we’ve seen.”
– Jenny Gao at Energy Impact Partners
“Bedrock has been an excellent partner in the design and planning of our geothermal system. We are excited to leverage their drilling innovations to help us supply resilient geothermal heating & cooling energy for a flagship economic development project in a coal transition community. Tapping into renewable subsurface energy right on-site is key to expediting construction timelines, lowering energy costs, and creating resiliency in mountainous regions like ours. Geothermal may be a valuable driver of successful coal transition, and Bedrock will be a key company in making that a reality in Northwest Colorado.”
– Mathew Mendisco, Town Manager of Hayden
