ImpactAlpha, March 4 – Geothermal energy developer Baseload Capital has secured $12.5 million from billionaire-backed Breakthrough Energy Ventures.
Baseload Capital is a spinoff of Swedish energy technology company Climeon. The company makes equity and debt investments in projects that use Climeon’s technology to convert geothermal energy into electricity. That technology has applications in standard geothermal projects, as well as capturing and converting waste heat from engines or equipment from the maritime and heavy industry sectors.
Baseload is the second geothermal investment from Breakthrough Energy Ventures, the $1 billion “de-carbonization” investment fund backed by Bill Gates, Jack Ma, Jeff Bezos and others. U.S.-based Fervo Energy was the first. Breakthrough Energy Ventures has eight other companies in its portfolio, according to the fund’s website.
