Ignis H2 Energy, a geothermal exploration and development startup, announced the first closing of its Series A funding round, securing $12.5 million from a consortium of investors, including leading funds and private individuals. This funding round was led by alfa8 and includes a commitment from drilling contractor Nabors Industries, alongside investments from existing shareholders, private individuals, and family offices.
Ignis Energy does not depend on a single technology or opportunity. It manages a risk-balanced portfolio of geothermal power-producing opportunities across high-enthalpy environments worldwide. By utilizing proven technologies and insights from a distinguished panel of geothermal experts, Ignis Energy diversifies risk while ensuring a steady pipeline of sustainable energy projects. The company has already secured promising geothermal opportunities in Turkey, Alaska, California, Nevada, and Italy.
Driven by a goal of providing affordable, reliable, and sustainable baseload geothermal energy, Ignis Energy integrates extensive expertise from the oil and gas sector into geothermal exploration and development. The company is pioneering the use of machine learning models to predict, locate, and explore geothermal resources more efficiently, leading to better drilling outcomes and lower project risk. With a portfolio spanning multiple geographies and geological formations, Ignis Energy is targeting the development of one gigawatt of documented producible geothermal reserves by 2030.
1.) Alfa8 – Investing in a Sustainable Future — alfa8 is committed to advancing technologies that accelerate the global shift toward sustainable energy solutions. With a strong focus on geothermal innovation and next-generation renewables, the firm backs forward-thinking pioneers redefining the energy landscape while ensuring environmental stewardship. Erin Glenn, COO of alfa8, emphasized the firm’s strategic approach: “As a patient capital investor, alfa8 is dedicated to funding transformative ventures that address the energy crisis, drive the adoption of geothermal energy, and push the frontiers of maritime decarbonization and critical sustainability initiatives.”
2.) Nabors Industries – Driving the Future of Geothermal Exploration — With a presence in over 20 countries, Nabors Industries is a leading provider of advanced technology for the energy industry. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower carbon world. Spearheading advancements in geothermal technologies and projects is a key focus of Nabors’ energy transition strategy.
KEY QUOTES:
“Ignis Energy will be a strong addition to our geothermal investment portfolio as we seek to catalyze breakthrough technologies and collaborate with experienced operators to deliver energy without compromise. We believe Ignis’ project portfolio and management team is best-in-class and we are pleased to collaborate with them on near-term projects and support their long-term growth, which we expect will include additional collaboration with Nabors’ other geothermal technology ventures.”
– Guillermo Sierra, VP, Strategic Initiatives at Nabors
“We are a geothermal exploration and development company focused on building a risk-balanced portfolio of geothermal power plants across key global markets. By combining proven technologies, expert knowledge, and advanced data analytics, Ignis Energy is unlocking the full potential of geothermal resources and accelerating the transition to a cleaner, more sustainable energy future.”
– Richard Calleri, CEO of Ignis Energy
“Our approach is technology agnostic with a focus on high enthalpy and predominantly traditional geothermal resources that can be developed with today’s technology for power production.”
– Marcus Oesterberg, COO of Ignis Energy
