Sage Geosystems Raises Over $97 Million To Deploy World’s First Commercial Pressure Geothermal Power Generation Facility

Ormat Technologies and Carbon Direct Capital co-lead Series B financing, which will support the development of Sage’s first next-generation geothermal power generation project

HOUSTON–(BUSINESS WIRE)–Sage Geosystems, the company pioneering Pressure Geothermal, closed over $97 million in Series B funding to advance its geothermal power generation and energy storage solutions, including its first commercial next-generation geothermal power generation facility. Ormat Technologies and Carbon Direct Capital co-led Sage’s Series B round, representing the full backing of Sage and Pressure Geothermal technology from leaders in geothermal energy and growth capital. Sage’s clean, firm power and long-duration energy storage solutions will support the continued build-out of AI data centers.

Sage will deploy its first commercial Pressure Geothermal power generation facility at an existing Ormat power plant. The facility will use Sage’s proprietary technology to extract geothermal heat energy from hot dry rock, supplying reliable and affordable carbon-free power. Sage’s strategic commercial agreement with Ormat will accelerate the time needed to bring Pressure Geothermal to market and scale up to meet rising demand for firm power and energy independence.

“Pressure Geothermal is designed to be commercial, scalable, and deployable almost anywhere,” said Cindy Taff, CEO of Sage Geosystems. “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.”

Sage’s next-generation Pressure Geothermal technology transforms the Earth’s natural heat and pressure into a reliable, secure, and commercial-scale energy source for power generation, long-duration energy storage, and district heating. Pressure Geothermal creates a fully engineered underground reservoir of hot water that expands and contracts with the Earth’s natural elasticity. By tapping into hot, dry rock formations found worldwide, Pressure Geothermal unlocks over 130 times more geothermal resource potential in the U.S. alone.

“This investment builds on the strong foundation we’ve established through our commercial agreement and reinforces Ormat’s commitment to accelerating geothermal development,” said Doron Blachar, CEO of Ormat Technologies. “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.”

“Enhanced Geothermal Systems (“EGS”) are extremely well-positioned to deliver for hyperscalers, who want clean firm power for their AI computing needs,” said Jonathan Goldberg, CEO at Carbon Direct Capital. “Sage’s pressurized EGS technology is advantaged on both economic and environmental evaluation criteria.”

In August 2024, Sage announced its partnership with Meta to deliver up to 150 MW of new geothermal baseload power at a location east of the Rocky Mountains in the US to support Meta’s data center growth.

In addition to the co-lead investors, new investors including SiteGround Capital and The UC Berkeley Foundation’s Climate Solutions Fund, and existing investors including Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital, and Ignis H2 Energy participated in the round. Barclays acted as the exclusive placement agent for Sage on the capital raise.

About Sage Geosystems

Sage Geosystems Inc. is a leader in the next-generation geothermal industry, pioneering the use of Pressure Geothermal. Pressure Geothermal leverages both the heat and the pressure of the earth to enable three applications: energy storage, power generation, and direct heating. It also broadly expands where it can be applied, allowing geothermal to be deployed globally. Founded in 2020 by a leadership team with over 200 years of combined experience in the oil and gas industry, Sage is transforming hot, dry rock into a reliable, secure, and commercial-scale energy source. Sage’s technologies are being deployed through landmark agreements with Meta, the U.S. Department of Defense, and other global leaders, such as Ormat, who are advancing the energy expansion. For more information, visit www.sagegeosystems.com.

About Ormat Technologies

With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,558MW with a 1,268MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

About Carbon Direct Capital

Carbon Direct Capital is a growth equity investment firm headquartered in New York City. For more information visit www.carbondirectcapital.com.

Contacts

Media Contact:
Leo Traub

646-883-3562

sage.geosystems@antennagroup.com