Bedrock Energy – a technology startup that designs, constructs, and delivers geothermal heating and cooling systems – recently announced $8.5 million in seed capital. The financing round is led by Wireframe Ventures, with participation from Overture Climate VC, Long Journey Ventures, Cantos, Toba Capital, First Star Ventures, Divergent Capital, and Climate Capital. The funding will speed up manufacturing and deployment of technologies that improve the economics of all-electric geothermal HVAC systems, helping real estate properties achieve Net Zero operations.
The company is developing a novel technology stack that combines autonomous drilling and advanced subsurface modeling to triple the speed and space efficiency of geothermal projects. And these advantages enable geothermal HVAC to fit into dense, urban locations with sensors that uniquely validate real-time construction accuracy. The payback periods under five years allow real estate owners and investors to decarbonize large properties with double-digit internal rates of return.
Federal incentives can offset the upfront cost of geothermal systems by 30% to 60%, while local and state climate policies are increasingly pressuring large real estate owners to look for ways to decarbonize their assets. And these factors – combined with Bedrock’s technology innovations – position geothermal heating and cooling as a leading path to reduce emissions and energy costs for urban buildings across the U.S.
Bedrock’s team includes decades of experience in oil and gas technology, oilfield operations, software, and startup operations. Since being founded last year, the company has focused on designing and manufacturing its drilling assets, developing subsurface physics modeling software, and building out its multi-disciplinary team.
Bedrock’s approach is versatile – with applications across various retrofits and new construction. And with initial applications across retail, light industrial, office, education, or commercial, the company is open to projects across the continental U.S. in 2024, including academic, non-commercial, or other strategic partnership opportunities.
KEY QUOTES:
“For decades, geothermal heat pumps have been the most energy-efficient form of HVAC, but adoption has historically been slow due to the upfront cost, time, and space required to construct the borefields that provide such stellar thermal efficiency. We believe our technologies fundamentally change the equation. A huge swath of commercial and industrial real estate can now benefit economically from carbon-free geothermal HVAC due to Bedrock’s unparalleled speed, cost, compactness, and reliability—making adoption a logical business and sustainability decision.”
— Joselyn Lai, co-founder and CEO of Bedrock Energy
“We believe Bedrock Energy will significantly lower the carbon intensity and cost to heat and cool commercial buildings. We are so impressed by this team’s approach to product. They have built a solution that can scale in a market where federal incentives, decarbonization mandates and rising energy prices are all conspiring to form a perfect moment for Bedrock’s mission.”
— Paul Straub, managing partner at Wireframe Ventures
“Our team’s ability to develop, test, and deploy technology at a rapid pace will greatly contribute to decarbonization of the built environment. We are eager to show how Bedrock’s technology can unlock the potential of this limitless, carbon-free asset to decarbonize buildings everywhere.”
— Silviu Livescu, co-founder and CTO, who has held roles as Chief Scientist at Baker Hughes and professor at UT Austin
