Sage Geosystems $97M+ Series B — Pressure Geothermal power + long-duration energy storage
Sage Geosystems closes $97M+ Series B co-led by Ormat Technologies ($25M equity) and Carbon Direct Capital. First commercial Pressure Geothermal power generation facility to be deployed at existing Ormat power plant in Western US. Technology extracts geothermal heat from hot dry rock using proprietary underground reservoir engineering (no hydraulic fracturing). Ormat receives rights to develop/own/operate geothermal plants using Sage's technology upon successful pilot completion. Target market: data center firm power and long-duration storage. CEO: Cindy Taff.
$97M
Deal Value
Geothermal
Technology
TX
Location
Deal Details
- Deal Type
- Strategic & Growth Capital
- Seller / Sponsor
- Sage Geosystems
- Buyer / Financier
- Ormat Technologies ($25M, co-lead), Carbon Direct Capital (co-lead), Exa, Nabors, alfa8, Arch Meredith, Abilene Partners, Cubit Capital, Ignis H2 Energy, SiteGround Capital, UC Berkeley Foundation Climate Solutions Fund
- Deal Value
- $97M+
- Stage
- Development
Capital Structure
$97M
Total transaction value
Tranches
- Series B equity (co-lead) · Ormat Technologies
- $25M
- Series B equity (co-lead) · Carbon Direct Capital
- —
Finance Counterparties
Lenders & Capital Providers
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