Sage Geosystems has raised over $97 million in a Series B round co-led by Ormat Technologies and Carbon Direct Capital to advance its Pressure Geothermal power generation and energy storage platform and support development of what it says will be the world’s first commercial Pressure Geothermal power generation facility. The round included new investors SiteGround Capital and The UC Berkeley Foundation’s Climate Solutions Fund, alongside existing backers Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital, and Ignis H2 Energy.
The company said the financing will help move its first next-generation geothermal project into deployment at an existing Ormat power plant, where Sage plans to use its proprietary approach to extract geothermal heat from hot, dry rock. Sage is positioning the technology as a source of clean, firm power and long-duration energy storage that can support rising electricity demand, including from AI data centers.
Sage said its commercial agreement with Ormat is intended to accelerate the timeline from pilot to commercialization and provide a path to scale. Pressure Geothermal, as described by the company, creates an engineered underground reservoir of hot water that expands and contracts with the Earth’s natural elasticity, enabling power generation, energy storage, and district heating. By targeting hot, dry rock formations, Sage argues the approach could significantly expand the areas where geothermal can be deployed compared with conventional resources.
Sage also highlighted its previously announced partnership with Meta, disclosed in August 2024, to deliver up to 150 megawatts of new geothermal baseload power at a U.S. location east of the Rocky Mountains to support Meta’s data center growth.
Barclays served as the exclusive placement agent for the financing.
KEY QUOTES:
“Pressure Geothermal is designed to be commercial, scalable, and deployable almost anywhere. This Series B allows us to prove that at commercial scale, reflecting strong conviction from partners who understand both the urgency of energy demand and the criticality of firm power.”
Cindy Taff, CEO, Sage Geosystems
“This investment builds on the strong foundation we’ve established through our commercial agreement and reinforces Ormat’s commitment to accelerating geothermal development. Sage’s technical expertise and innovative approach are well aligned with Ormat’s strategy to move faster from concept to commercialization. We’re pleased to take this natural next step in a partnership we believe strongly in.”
Doron Blachar, CEO, Ormat Technologies
“Enhanced Geothermal Systems (‘EGS’) are extremely well-positioned to deliver for hyperscalers, who want clean firm power for their AI computing needs. Sage’s pressurized EGS technology is advantaged on both economic and environmental evaluation criteria.”
Jonathan Goldberg, CEO, Carbon Direct Capital
