This latest round was spearheaded by ENGF, an infrastructure-focused fund backed primarily by Ingka Investments, the investment arm of Ingka Group, known as the largest IKEA retailer. Additional investors included energy technology firm Baker Hughes, which had committed earlier in 2023, alongside Nefco, Breakthrough Energy Ventures, and Gullspång Invest.

Baseload Capital is pioneering the expansion of geothermal energy by tapping into overlooked resources and cultivating a network of international projects to scale the sector. The newly raised capital will help commercialise the company's existing ventures and projects.

Geothermal energy is considered one of the largest untapped clean energy sources globally, with constant availability around the clock. Baseload Capital aims to unlock this underutilised potential, which current estimates suggest could reach 200 GWe and 5,000 GWth using available technologies. At present, global installed capacity sits at 16.3 GWe and 173 GWth.

The U.S. Department of Energy has projected that geothermal resources, harnessed through oil and gas industry technologies, could deliver 90 to 300 GW of firm, clean energy in the U.S. by 2050. Despite the geothermal industry drilling around 800 wells annually, it significantly trails behind oil and gas, which drill up to 70,000 wells per year. Baseload Capital, in collaboration with Baker Hughes, is working to close this gap by drawing upon over a century of expertise from the oil and gas sector.

As one of Breakthrough Energy Ventures' early European investments, Baseload Capital holds distinction, as BEV only invests in businesses with the potential to cut greenhouse gas emissions by at least 500 million tonnes.

The company, through its Baseload Power subsidiaries, is active in established geothermal markets like Iceland, the US, and Japan, while also contributing to the development of geothermal policies in emerging markets such as Taiwan.

“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,” said 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,” said Oskar Backman, Managing Director of ENGF. “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.”

“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,” said Carmichael Roberts, Breakthrough Energy Ventures. “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.”

“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,” said Ajit Menon, vice president of geothermal energy, Oilfield Services and Equipment at Baker Hughes. “Baker Hughes is committed to supporting lower carbon solutions through strategic collaborations with innovative companies like Baseload Capital.” 

Vinge and DNB Markets acted as advisors in the Series B transaction.