Clean Energy | May 7, 2024

Zanskar snags $30 million for AI-based geothermal energy exploration

Amy Cortese
ImpactAlpha Editor

Amy Cortese

Geothermal energy, which taps into the Earth’s heat for energy, is gaining adoption across the globe for industrial and residential use. Salt Lake City-based Zanskar Geothermal & Minerals uses artificial intelligence to address two key obstacles: identifying promising geothermal sites and speeding the process of development.

“We want to make geothermal the cheapest and most widely deployed firm renewable on the planet,” said Zanskar’s Carl Hoiland.

The company generates “maps of temperature, gravity, geology, and tectonic movement to identify new sources of commercial geothermal and guide decisions about where and how to drill,” explains Andrew Beebe of Obvious Ventures, which led the $30 million Series B round.

Existing investors Munich Re Ventures, Union Square Ventures, Lowercarbon Capital, Safar Partners, and First Star Ventures also participated.

Zanskar received seed funding in 2021 from catalytic climate investor Prime Coalition. Last year, it raised a $12 million Series A round from Union Square Ventures and Lowercarbon.