Participated · Seed · Mar 2024

Safety Radar is a Tulsa-based startup with offices in Oklahoma and Colorado that has built an AI platform to help prevent job site accidents through behavioral risk tracking and training. Its platform uses AI to identify and address potential risks so organizations can protect employees, assets, and reputation. The company plans to grow and deploy the technology into corporate partners' operations across several industries and scale up quickly. Financially, Safety Radar completed a $1.5M Series Seed round led by EIC Rose Rock and including Helmerich & Payne, DA Ventures Seed Fund and other investors. Prior to this equity financing, Safety Radar received a $100,000 non-dilutive grant and incubator support from the Rose Rock Bridge program. The additional capital and Rose Rock support are intended to help the startup expand deployments and create local impact in the Tulsa community. Safety Radar developed a digital program that relies on digital data collection and algorithms to help companies measure and manage safety risks on energy worksites. The platform eliminates paper tracking and provides safety personnel with immediate, actionable information to take preventative measures rather than relying on lagging indicators. Founders Garrison Haning and Matt Weis created the product based on careers in hazardous industries and an understanding of on-site hazards. The company established its headquarters in Tulsa, supporting Rose Rock Bridge’s regional economic development efforts. Safety Radar says its tool is designed to reduce costly worksite accidents, a problem the article notes costs companies $164 billion annually per the National Safety Council. Financially, Safety Radar received a $100,000 award of non-dilutive capital from Rose Rock Bridge as its first member company.

Participated · Equity · Feb 2024

Fervo Energy develops next-generation geothermal power using innovations in horizontal drilling, fiber-optic sensing and advanced reservoir engineering to make geothermal scalable and competitive. Its flagship Cape Station project in Beaver County, Utah is slated to deliver first power to the grid in 2026, reach about 100 MW of operating capacity by early 2027 and has plans to scale to 500 MW. Cape Station is fully contracted through power purchase agreements with Southern California Edison, Shell Energy and community choice aggregators. The company secured long-term non-recourse project financing for the first phase of Cape Station to fund remaining construction costs and meet counterparty credit support requirements. Fervo positions its technology and commercial contracts as enabling Enhanced Geothermal Systems to be treated as a bankable, utility-scale infrastructure asset.

Led · Seed · Oct 2023

Eden is a leader in sustainable natural resource recovery that deploys patented Electrical Reservoir Stimulation (ERS) to enhance subsurface permeability. ERS uses high-voltage electricity, advanced reservoir monitoring, 3D reservoir modeling, and proprietary injection and production strategies to create controlled fractures and target specific subsurface areas. The company positions ERS as a lower-water, lower-emissions alternative to traditional hydraulic fracturing, reducing truck movements, wastewater emissions, pumping horsepower, and seismic events. Eden plans to scale ERS deployments across geothermal, geologic hydrogen, geologic carbon storage, and sustainable mining applications and is preparing additional pilots after a successful pilot test in Oman. Financially, Eden closed an oversubscribed $12M seed round and has raised $21.3M to date, including $9.2M in non-dilutive grants. The company says it is demonstrating the technology in multiple geologies worldwide with backing from public and private institutions.

Participated · Series A · Mar 2023

XGS Energy builds a proprietary solid-state, water-independent geothermal system that uses thermally conductive materials to produce round-the-clock baseload power anywhere there is hot rock. Its Thermal Reach Enhancement (TRE) technology completed a shallow field test in 2024, and the company is operating its first commercial-scale well in California, validating predictive performance models and accumulating operating history. XGS positions its modular approach to decouple geothermal from traditional water- and geology-dependent constraints, aiming to unlock geographic flexibility, easier permitting, and faster deployment. The firm says it has a multi-gigawatt commercial project pipeline across the Western United States and is ramping commercial operations ahead of a planned growth equity round later this year. XGS is headquartered in Houston, Texas, and plans to aggressively expand its team through year-end to support deployment and project development. The company’s approach targets improved financeability to attract venture and infrastructure capital for large-scale geothermal projects. XGS Energy has developed a proprietary slurry — a mix of water, surfactants and conductive minerals (patent filings mention graphite‑like materials and silica) — that is injected between a metal casing and surrounding rock to fill cracks and improve heat conduction. The slurry’s surfactant breaks at higher temperatures, releasing minerals that settle into fractures a few feet from the borehole, permitting the company to use a single cased borehole rather than multiple wells. By keeping working fluid isolated inside the metal casing, XGS can avoid contaminated surface water and use lower‑cost, higher‑efficiency heat exchangers, reducing operating costs. CEO Josh Prueher says the technique makes wells more productive and predictable — “we know within 30 days where we’re going to be in 30 years” in terms of power production. XGS’s technology can be applied to both new and existing geothermal wells, and the company plans to develop a version for suitably hot legacy oil and gas wells to avoid plugging and abandonment costs. To help commercialize the technology, XGS recently raised funding to build a commercial‑scale prototype at an existing geothermal field in California. XGS Energy is a geothermal company headquartered in Palo Alto, California that develops a proprietary Thermal Reach Enhancement™ (TRE) system and closed-loop well architecture. Its TRE system uses materials the company says are 50 times more conductive than native rock to deliver high-efficiency thermal energy without dependence on water or specific geology. XGS positions the technology for global deployment and says it enables terawatt-scale geothermal heat and power. The company completed more than 24 months of lab testing and is building a North American prototype to demonstrate TRE at full commercial scale. That prototype is intended to validate predictive performance models and support first commercial projects in the Western United States, Japan, and the Philippines. XGS emphasizes that its closed-loop, water-independent approach allows deployment anywhere in the world, unlike traditional geothermal solutions that require hot water reservoirs and specific geological formations. XGS Energy develops proprietary geothermal heat-harvesting technology and a closed-loop well architecture intended to unlock scalable, affordable, carbon-free baseload power. The technology is designed to eliminate reliance on rare geological formations and water availability, allowing broader deployment of geothermal energy. XGS says its approach enables global deployment and terawatt-scale geothermal heat and power. The company plans to use recent financing to accelerate technology development and commercial progress. XGS announced a $19M financing package, including a $14M Series A led by Anzu Partners, to support development efforts. Headquartered in Palo Alto, the company changed its name from Geothermic Solution LLC to XGS Energy, Inc.

Participated · Equity · Jan 2023

Eavor Technologies develops and deploys patented Eavor-Loop™ closed-loop geothermal systems that circulate a benign working fluid through underground drilled passages to create a continuous heat exchanger. The technology is designed to provide a consistent, resilient source of clean energy without the intermittency of some renewables and with a smaller environmental footprint than traditional geothermal. Led by President & CEO John Redfern, the company aims to scale deployment of its technology using the newly raised capital. Eavor intends to use the proceeds to accelerate development and deployment of its geothermal solutions. No operating metrics were disclosed in the article. Eavor Technologies, headquartered in Calgary, Alberta, develops Eavor-Loop™, a closed-loop geothermal system that circulates a benign working fluid isolated from the environment through a massive subsurface radiator to collect heat via conduction. The company positions the solution as scalable, clean, dispatchable, baseload-capable and flexible for heat and power. OMV AG has entered a commercial agreement with Eavor to pursue large-scale deployment in Europe and beyond, receiving preferred licensing terms, access to services and development support. OMV will initially focus on deployment in Austria, Romania and Germany. Eavor and its project partners will begin drilling operations at the Eavor-Europe site near Geretsried, Bavaria this summer, the world’s first commercial implementation of an Eavor-Loop™. Financially, Eavor completed the first close of a €34m (C$50m) Series B equity funding round with follow-on investments from bp Ventures, Eversource Energy and Vickers Venture Partners, and Chubu Electric Power concurrently converted its debenture. Eavor develops the Eavor-Loop, a closed-loop subsurface radiator that circulates a benign working fluid isolated from the environment to collect geothermal heat by conduction. The company positions the technology as the world’s first truly scalable form of clean, dispatchable, baseload-capable and flexible power. In 2022 Eavor completed the Eavor-Deep™ demonstration in New Mexico, drilling a two-leg multilateral well to 18,000’ TVD and ~250°C and achieving key technical and operational milestones. Eavor says those results, together with prior proof of concept at the Eavor-Lite™ site in Alberta, validate the elements required to construct and operate commercial Eavor-Loops. The company has a stated goal of reaching sub US$60 per megawatt-hour costs and enabling widespread global scalability. Eavor has received equity support from a range of energy and venture investors, including bp Ventures, Vickers Venture Partners, BDC Capital, Temasek, Chevron Technology Ventures, BHP Ventures, Helmerich & Payne, Precision Drilling and Chubu Electric Power. The recent disclosed financings include a CAD$10M follow-on from bp Ventures and additional equity from Helmerich & Payne. Eavor Technologies commercializes the Eavor-Loop™, a completely closed-loop geothermal system that circulates a benign working fluid through a large subsurface radiator to collect heat via conduction. The design avoids conventional geothermal exploration risk by relying on conduction rather than resource-dependent reservoirs, aiming to provide long-term, predictable, and dispatchable baseload power. Eavor positions the technology as highly scalable and independent, suitable for global deployment and local energy autonomy. The company is moving into first projects and a global commercialization phase and says strategic partners will be important in that transition. Eavor has received equity support from multiple global energy and investment partners, which it cites as endorsements of its commercialization strategy. The article does not disclose revenue, user, or other operating metrics. Eavor Technologies builds and commercializes Eavor-Loop™, a closed-loop geothermal system that circulates a benign working fluid through subsurface wellbores to harvest the Earth’s natural heat and generate zero-emission dispatchable power. The technology is described as a ‘‘go anywhere’’ scalable solution that can function as both baseload power and a form of energy storage complementary to wind and solar. Eavor says its system can directly replace traditional baseload sources such as coal and nuclear because of its consistent heat harvesting. The company completed a USD$40 million (CAD$50.7 million) funding round to support commercialization and to scale its project pipeline. Proceeds will also bolster ongoing R&D aimed at driving Eavor-Loop’s cost down to universally competitive levels. Eavor has stated a goal to power the equivalent of 10 million homes by 2030 and is headquartered in Calgary, Alberta.