enhanced-geothermal-systems
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ignis H2 Energy Inc.
ignis H2 Energy is a Houston-based geothermal exploration and development company that applies oil-and-gas subsurface expertise, AI/ML prospecting and a technology-agnostic approach to find, prove and produce always-on geothermal power. Founded in 2021 by former Goldman Sachs banker Richard Calleri, the company is building a globally diversified, risk-balanced portfolio of geothermal projects across Turkey, the Western U.S. and Alaska, aiming for one gigawatt of documented producible reserves by 2030. It closed a $13.6M Series A round in June 2025.
Mazama Energy
Mazama Energy is a Frisco, Texas geothermal developer building Enhanced Geothermal Systems that tap superhot rock (SHR) - underground formations above 374 C - to deliver low-cost, round-the-clock, carbon-free electricity. Incubated by Khosla Ventures and backed by Gates Frontier, the company reached a world-record 629 F (331 C) bottomhole temperature at its Newberry Volcano pilot in Oregon and aims to produce power at under 5 cents per kWh, with 10x the power density, 75% less water, and 80% fewer wells than conventional geothermal.
Fervo Energy
Fervo Energy is a Houston-based next-generation geothermal company that borrows horizontal drilling and fiber-optic sensing from the oil and gas playbook to make enhanced geothermal systems (EGS) commercially viable. By drilling into hot dry rock almost anywhere - not just rare natural hotspots - Fervo produces around-the-clock, carbon-free firm power. Its flagship Cape Station project in Utah is on track to be the world's largest next-generation geothermal development, and the company has become a go-to supplier of clean baseload electricity for AI data centers and utilities.